As a seasoned researcher with a decade of experience in the volatile world of cryptocurrencies, I must admit that I have seen my fair share of bull markets and bear seasons. The current state of the crypto market is indeed challenging, but it’s not without its glimmers of hope.
Despite the gloomy condition of the crypto market, one analyst has voiced his optimism towards Shiba Inu (SHIB). TradingView analyst Krao recently predicted that the dog-themed crypto asset could hit $0.001 in the next few months. The analyst pointed out that this rally will follow a major breakout.
Current Outlook of Shiba Inu
The upcoming surge in SHIB prices is likely to originate from a prolonged, downward sloping trendline that has prevented SHIB from enjoying a substantial bull run for the past three years.
Currently, the meme token is being traded at approximately 0.00001337 dollars, and it has experienced a 0.26% rise over the past 24 hours. According to Krao’s forecast, the token could potentially drop two zeros. If this anticipated surge in value occurs as predicted, Shiba Inu (SHIB) would undergo an impressive 7,379% price increase from its current standing. Furthermore, a recent analysis on SHIB’s price suggests that it might reach one dollar in the future.
To reinforce his argument, he presented a chart illustrating a continuous downward slope that’s been keeping Shiba Inu under strain since late 2021. After reaching its peak in October 2021 at $0.00008854 (an All-Time High or ATH), the cryptocurrency experienced a significant drop, mirroring the broader market. Following this decline, it began to recover, but instead of surging, it entered a period of stabilization.
During this consolidation phase, there were repeated instances of slightly increasing peaks followed by mostly stable movement. These fluctuations occurred within a range between the low of approximately 0.000005 dollars and a high around 0.00003 dollars. At that time, an extended period of low volatility suggested that a gentle increase in SHIB prices was soon to come.
Shiba Inu Ecosystem Outperform Expectation
Meanwhile, the price of SHIB was rising steadily for the last few days.
Over the past week, the Indodax exchange experienced a significant security incident that drained around $22 million in liquidity. This hack resulted in the theft of approximately 9 billion Shiba Inu tokens. The incident has raised concerns about its possible effect on the token’s value and the overall market.
However, the memecoin has not taken any major blow, in terms of price action, since the hack.
As an analyst, I’m excited to report a significant achievement in the Shiba Inu ecosystem. Yesterday, we witnessed a remarkable surge in the Shibburn rate, soaring by a whopping 8000% within a 24-hour period. This spike led to the elimination of close to 3 million SHIB tokens from circulation. Over the last seven days, our weekly burn chart indicates that an astounding 271.05 million SHIB tokens have been torched.
The Shiba Inu system is exceeding predictions as it rolls out a string of new product releases. Features like Shibarium’s automatic burning mechanism and Decentralized Autonomous Organization (DAO) governance are significant steps that the meme-based project is taking to prepare for an upcoming surge in value.
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2024-09-13 00:51