Time to Buy SHIB? Popular Analyst Bets on a 300% Shiba Inu Price Rally
TL;DR
Shiba Inu experienced a 5% price increase daily, with optimistic forecasts from analysts like Ali Martinez, who predicts a significant upcoming rally due to positive chart patterns.
The potential for an uptick is supported by a significant resurgence in SHIB’s burning program and ongoing enhancements to Shibarium.
Betting on a SHIB Bull Run
The cryptocurrency market flashed green today (May 2) after suffering substantial losses the previous day. Shiba Inu (SHIB) is among the best performers (at least from the top 20 club), registering a 5% price increase on a 24-hour scale.
One analyst who is optimistic that the meme coin is yet to experience a significant rally is Ali Martinez. The X user believes SHIB’s price trajectory might be forming a bull flag on the daily chart.
Ali Martinez went further, admitting to placing buy orders at current rates and expecting a 300% surge to approximately $0.000072323 in the near future.
Other analysts who recently envisioned a bright future for the meme coin include Rekt Capital and crypto content creator Jake Gagain. The former forecasted a triple-digit price increase, while the latter maintained that “fading” Shiba Inu “is a major mistake.”
The Contributing Factors
Two essential elements that may fuel a SHIB rally in the short term are the asset’s burning program and the development of Shibarium.
As CryptoPotato reported, the burn rate spiked by 90% on May 1, whereas the destroyed tokens throughout April equaled almost 1.7 billion. The mechanism’s ultimate goal is to decrease the tremendous circulating supply of Shiba Inu, making it scarcer and possibly more valuable in time.
Shibarium has been making great strides, too. The asset’s layer-2 scaling solution underwent a major upgrade last week and is set to pass through another one this week. The advancements aim at improving user experience, implement quicker block processing times, and empower the community of developers and innovators.
Some of the primary roles of Shibarium include the reduction of transaction fees and enhancing the utility, scalability, and efficiency of the Shiba Inu ecosystem. If you are willing to learn more about the network, feel free to dive into our dedicated video below:
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Filed under: Bitcoin - @ May 2, 2024 6:16 pm