financetom
Cryptocurrency
financetom
/
Cryptocurrency
/
Top Shiba Inu Price Predictions to Watch as These SHIB Metrics Take off
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
Top Shiba Inu Price Predictions to Watch as These SHIB Metrics Take off
May 10, 2024 12:36 AM

TL;DR

Despite a recent 20% weekly decline, analysts forecast a significant rally for Shiba Inu, driven by positive technical indicators. A sharp increase in SHIBs burn rate, enhancements to its Shibarium layer-2 platform, and other elements are seen as bullish signals for its future price.

Where is SHIB Headed?

The popular meme coin  Shiba Inu (SHIB)  has underperformed lately, with its price plunging by 20% on a monthly scale. For its part, the market capitalization has retraced below $13.5 billion.

However, the negative trends dont seem a big concern for many analysts who believe SHIB is poised for a bull run. 

One example is the X user with almost 100,000 followers – Del Crxpto. He claimed to know whats coming in the future and as such, jumping on the SHIB bandwagon as an investor:

I know the future, I know whats coming for SHIB. I will not share this information, as I do not want to tarnish my SHIB relationships. However, I will tell you this: I am accumulating $SHIB.

Another popular analyst who entered Shiba Inus ecosystem is Ali Martinez. He argued that the assets price trajectory has been forming a bull flag on a daily chart, raising hopes for a 300% rally.

Rekt Capital and CRYPTO SHERIFF chipped in, too. The former noted that SHIBs value has reached the same level as the one from early 2022. The trader assumed that the price might skyrocket by triple digits should it cross the critical resistance level of $0.00002741.

CRYPTO SHERIFF suggested that a breakout has already happened, forecasting a 350% rally in the near future.

Observing These Important Factors

Several elements hint that a SHIB price explosion might indeed be on the horizon. The burn rate, which skyrocketed by over 4,000% a few days ago, is among those. The programs ultimate goal is to reduce the multi-trillion supply of Shiba Inu, making it scarcer and potentially more valuable in time.

The further development of Shibarium should also be mentioned. The meme coins layer-2 scaling solution recently underwent two major upgrades, aiming to improve user experience and enhance compatibility with popular wallets, including MetaMask, Coinbase Wallet, and Trust Wallet. 

Meanwhile, SHIB exchange netflow has been predominantly negative in the past seven days, signaling a shift from centralized platforms to self-custody wallets. Such a move is considered bullish since it reduces the immediate selling pressure.

SHIB Exchange Netflow, Source: CryptoQuant

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
Why Is the Pi Network Price Up Today?
Why Is the Pi Network Price Up Today?
Apr 5, 2025
TL;DR Pi Networks native token has halted its freefall as of late and has bounced by almost 10% on a daily basis. This comes amid the assets growth in popularity, according to CoinGecko. Its tough to sell this article, so lets be honest from the start. The PI token, which saw the light of day on February 20 when it...
PI Token Finally Rebounds as Bitcoin (BTC) Calms at $83K (Weekend Watch)
PI Token Finally Rebounds as Bitcoin (BTC) Calms at $83K (Weekend Watch)
Apr 5, 2025
Bitcoins price actions went through a highly volatile period in the past several days due to the escalation of Trumps  Trade War, but has managed to calm now at around $83,500. Many altcoins experienced similar volatility lately. Now, though, PI has finally bounced off while TON has plunged hard. BTC Stabilizes at $83.5K It was a wild week in terms...
CZ Signs MoU with Kyrgyzstan to Develop Crypto and Blockchain Ecosystem
CZ Signs MoU with Kyrgyzstan to Develop Crypto and Blockchain Ecosystem
Apr 4, 2025
Binance founder Changpeng CZ Zhao has signed a memorandum of understanding (MoU) with the Kyrgyz Republics National Investment Agency (NIA). The main objective behind the latest strategic partnership is to develop the countrys cryptocurrency and blockchain ecosystem. The agreement, which was announced on April 3 by Kyrgyz President Sadyr Zhaparov, outlines plans for collaboration in regulatory consulting, infrastructure development, and...
Ripple vs. SEC Lawsuit Closure: What it Means for the Future of Crypto
Ripple vs. SEC Lawsuit Closure: What it Means for the Future of Crypto
Apr 5, 2025
Ripple CEO Brad Garlinghouse made a triumphant announcement on March 19, indicating that the US Securities and Exchange Commission had dropped its latest appeal in the legal case between the two entities, which essentially meant it had finally ended. His statement was later confirmed by company CLO Stuart Alderoty, who explained that Ripple had also dropped its own appeal. Moreover,...
Copyright 2023-2025 - www.financetom.com All Rights Reserved