Understanding the Potential Triggers for an Anticipated Uptick in Shiba Inu (SHIB) Prices
Shaking Things Up: Shiba Inu's renewed momentum?
(Trending Crypto Watch)
It looks like Shiba Inu (SHIB) might be heating up again, sparking some excitement in the crypto community.
Lately, SHIB has taken a slight dip, dipping nearly 10% from its April highs, currently pegged around $0.0000127 (according to CoinGecko's figures). But fear not! A closer look reveals some promising signs indicating a possible comeback for this meme coin.
First, a significant uptick in token burning has caught our eye. In the past week, burn rates have skyrocketed by over 300%, leading to over 300 million tokens being sent to the null address - nothing more than digital ashes.
Although the worth of these burned tokens adds up to a relatively insignificant amount, this trend, if maintained, can make SHIB scarcer, potentially increasing its value. The key is maintaining or boosting demand levels to balance things out.
It's been over a year since Shiba Inu introduced the burning mechanism. Since then, the team and the community have torched an astounding 410 trillion tokens, leaving around 584.4 trillion in circulation.
The arrival of Shibarium could also trigger a leap in the SHIB's price. This scaling solution was developed to amplify the Shiba Inu ecosystem, and since its launch, it's achieved some significant milestones. Most recently, the total number of addresses interacting with the protocol has surged past 200 million.
Every day, the network processes millions of transactions, suggesting high user engagement. Bitcoin advocate Jeremie Davinci gives a thumbs up to the ongoing development of Shibarium, expressing the belief that it could contribute to a price boom for SHIB.
Moving on, we have the Shiba Inu exchange netflow. CryptoQuant data reveals outflows exceeded inflows in the last three days, suggesting holders might be transferring their assets to self-custody solutions. This shift could lower immediate selling pressure, which, when combined with sustained token burning, may support a price increase.
This is an interesting contrast to the end of last month, when inflows dominated between April 22 and April 29, often recognized as a bearish sign due to increased selling pressure. Notably, this period saw SHIB reaching its local peak before slipping south of April 26.
Last but not least, let's not forget about the AI-powered chatbot ChatGPT, which took a liking to SHIB in the past. Predicting that it's "poised to ride the next wave," it expressed optimism regarding the token's future[4].
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- In the crypto market, sellers might be transferring their Shiba Inu (SHIB) assets to self-custody solutions, lowering immediate selling pressure and potentially supporting a price increase.
- Cryptocurrency investors who engage with the Shiba Inu ecosystem may be offered a significant opportunity with the upcoming launch of Shibarium, which could contribute to a price boom for SHIB, as suggested by Bitcoin advocate Jeremie Davinci.
- The AI-powered chatbot ChatGPT has expressed optimism about Shiba Inu's (SHIB) future, predicting that it is "poised to ride the next wave."
- Current figures show that over 300 million Shiba Inu tokens have been sent to the null address in the last week, leading to a skyrocketing increase in token burning rates.
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