As a seasoned analyst with over two decades of experience in the financial markets, I have seen my fair share of bull and bear cycles. The current state of Shiba Inu (SHIB) has piqued my interest due to several promising on-chain metrics that hint at an impending rally for the meme coin.
The popular meme cryptocurrency, Shiba Inu (SHIB), might experience a significant surge in value based on some positive indicators from its on-chain data. Key factors pointing towards an upward trend include the increased daily transactions on the layer-2 platform Shibarium, suggesting that the adoption of Shiba Inu is once again gaining traction.
Shiba Inu Could Enjoy Major Rally With These Bullish Metrics
A substantial price rise might be imminent for the meme coin, given its positive trends such as increased daily transactions on Shibarium. On September 19, Shibarium’s daily transactions soared to 11,360, marking a notable jump from 3,090 the day before. This number of daily transactions on that particular day also represents the highest in over a month, as activity within the network has been fairly low recently.
It seems that a spike in daily transactions on Shibarium suggests that investors are re-entering the Shiba Inu investment environment, potentially fueling this upward trend in the meme coin’s price. Interestingly, this increase in transactions aligns with the Federal Reserve’s interest rate reduction, which may have bolstered investor confidence to channel more funds towards riskier assets like SHIB.
Consequently, this could boost the popularity of the Shibarium network, with daily transactions possibly continuing to increase rapidly. An increase in network activity is also crucial because it would result in a higher number of Shiba Inu tokens being destroyed, which in turn affects the price of the meme coin since fewer coins are available in circulation.
In simpler terms, this layer-2 network automatically destroys some of its transaction fees by converting them into Shiba Inu (SHIB) coins. As a result, when the network is busier with more transactions, it burns more SHIB tokens.
The ‘In The Money’ Metric Is Also Bullish
One bullish Shiba Inu indicator that’s showing improvement is the ‘In-the-Money’ measure, as the number of SHIB holders making a profit increases. This development is beneficial because it might reduce selling pressure on the meme coin, since investors may feel more secure holding onto their coins when they are profitable. On the other hand, those who are in a loss tend to sell swiftly to minimize their losses.
The “In the Money” metric suggests that the meme coin might encounter limited obstacles in its ongoing surge due to reduced resistance. Since fewer Shiba Inu wallets purchased the coin at prices higher than its current value, there’s likely to be less selling pressure as its price increases. Notably, most Shiba Inu wallets bought the coin when it was priced around $0.000010, a level that SHIB has revisited several times and proven to be a strong support point.
Can Shiba Inu Reach $0.00004?
According to these measurements, Shiba Inu has the potential to reach $0.00004, given its bullish forecast for the meme token. Additionally, from a technical standpoint, crypto analysts such as Javon Marks have pointed out that the meme coin appears primed for an upward surge. Marks speculates that the meme coin could potentially spike to $0.00008.
Currently, crypto expert Pat has observed that higher time frame charts for meme coins are appearing “remarkably attractive.” Using Shiba Inu as an example, he suggested that if the coin demonstrates a significant deviation on its chart, it could potentially reach the $0.00004 range.
Currently, the price of Shiba Inu stands approximately at $0.000014, marking a decrease of more than 2% in the past day, as indicated by information from CoinMarketCap.
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2024-09-21 22:11