Outside Source
TL;DR
- Shiba Inu (SHIB) may see a solid price jump if it clears the $0.000025 resistance.
- The burning mechanism could also push the valuation up. The destroyed tokens in the last 24 hours equal over 11.5 million.
New Rally Under This Condition?
As CryptoPotato reported earlier, the meme coin sector has suffered a substantial pullback, with numerous tokens nosediving by double digits on a 24-hour scale. The second-largest in terms of market cap – Shiba Inu (SHIB) – has also underperformed, albeit registering more mild losses than PEPE, PNUT, BONK, and others.
Currently, the self-proclaimed Dogecoin killer is worth around $0.00002406, representing a 2% daily decline and an 8% weekly drop.
Some analysts, though, believe it may soon pump again if certain vital factors are in place. The popular X user Ali Martinez thinks SHIB could experience a 50% price increase if it surpasses the $0.000025 resistance. Currently, the valuation is only 3% away from reaching the depicted mark.
Prior to that, the analyst claimed that almost 1.7 trillion SHIB tokens had been withdrawn from exchanges on a 24-hour scale. “The last time we saw a similar spike, Shiba Inu surged 62% in price,” he added.
The move might indicate a shift from centralized platforms toward self-custody methods. This could be interpreted as a bullish signal since it reduces the immediate selling pressure.
Earlier this month, X user Zack Humphries made an even more optimistic SHIB prediction. He outlined several factors that could push the price to a new all-time high. Some of those include rising interest from retail investors and the further advancement of Shiba Inu’s layer-2 scaling solution, Shibarium.
The protocol has been on a tear lately, hitting the massive milestone of 500 million processed transactions. For its part, the number of total blocks is inching closer to 8 million. For more updates on the ecosystem, check out our Shibarium news page.
Burning on the Rise Again
One important element suggesting that SHIB’s price may indeed head north in the short term is the resurgence of the meme coin’s burning program. The burn rate is up over 200% in the past 24 hours, resulting in more than 11.5 million tokens destroyed.
The mechanism’s ultimate goal is to reduce the tremendous circulating supply of SHIB, potentially making it more valuable via scarcity. Since adopting the program, the team and the community have sent approximately 410.7 trillion tokens to a null address, leaving 583.7 trillion in circulation.
This article first appeared at CryptoPotato
