Is Now Good Time to Buy Shiba Inu (SHIB)? Analysis

2023-11-17 11:10:42

TL;DR

SHIB’s Price Outlook: Shiba Inu (SHIB) has potential for an uptrend, with predictions of a 220% rise by 2025 based on bullish technical indicators and its current position below important moving averages.
Burning Program Impact: SHIB’s aggressive asset burning strategy, marked by a 1,300% increase in burn rate recently, is possibly contributing to the anticipation of a price increase.
Shibarium’s Influence: The development and growing activity on Shibarium, SHIB’s layer-2 blockchain solution, with over 1.5 million blocks and nearing 4 million transactions, is also seen as a positive factor for SHIB’s value.

How High Can SHIB Spike?

One of the trendiest memecoins – Shiba Inu (SHIB) – has gathered much investor attention over the past few years due to its rapid price appreciation and enhanced volatility. And while the asset’s valuation is currently far from the all-time high registered in 2021, some analysts and experts believe an uptrend could still be on the cards.

The cryptocurrency platform Digital Coin Price conducted research, according to which SHIB could explodeby over 220% by the end of 2025. It also argued that certain technical metrics indicate that the asset is currently in a bullish mode:

“All technical indicators indicate that the current sentiment is Bullish, while the Fear & Greed Index is reading 46.40, which means extreme fear. Our Shiba Inu forecast: it’s good to Buy Shiba Inu right now.”

In addition, the entity claimed that SHIB has been trading below the 200 simple moving average for the last 326 days and below the 50-day simple moving average (SMA). Those were also pinpointed as bullish elements that could play a role in the memecoin’s potential price surge.

Shiba Inu Keeps Burning Assets

Two other vital factors that might propel a SHIB rally are the successful ution of the memecoin’s burning program and the development of the layer-2 blockchain solution Shibarium.

As CryptoPotato recentlyreported, the burn rate has skyrocketed by over 1,300% for the past 24 hours, while in October, almost 1.5 billion assets wereremovedfrom circulation.

Speaking of Shibarium, it is worth noting its progress made in the past couple of months. The number of total blocks on the networksurpassed1.5 million, while total transactions are inching toward 4 million. Those curious to find out more about Shibarium’s purposes and specifics could take a look at the video below:

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