cryptd.in

암호화폐 친화적인 인재를 위한 대체 링크드인

3 Reasons Why Shiba Inu (SHIB) Could be on the Verge of a Price Rally

-

by

cryptd.in
in

TL;DR

  • A substantial surge in token burning and rising activity on Shibarium suggest renewed momentum could be building for Shiba Inu’s native token.

  • Additionally, recent exchange outflows signal SHIB holders are shifting to self-custody, which supposedly reduces short-term selling pressure.

Time for a New Surge?

The second-largest meme coin witnessed a solid price increase towards the end of April, when the entire cryptocurrency market recorded a substantial revival. However, in the past week, Shiba Inu (SHIB) has slipped by almost 10%, currently trading at approximately $0.0000127 (per CoinGecko’s data).

Certain factors, though, suggest that a new pump might soon replace the downtrend. The burn rate, for instance, has soared by over 300% in the past week, resulting in more than 300 million tokens sent to a null address.

While the USD equivalent of the destroyed stash remains insignificant, continuous efforts in that field will make SHIB more scarce and possibly more valuable. It is important to note that this scenario will require demand to head north or at least remain at current levels.

Shiba Inu introduced the burning mechanism in 2022. Since then, the team and community have scorched over 410 trillion tokens, leaving around 584.4 trillion in circulation. 

Shibarium may also contribute to a potential price expansion for the self-proclaimed Dogecoin killer. The layer-2 scaling solution is specifically designed to advance the Shiba Inu ecosystem, and since its launch, it has reached multiple milestones. Most recently, the total number of addresses that have interacted with the protocol surged past 200 million.

Daily transactions on the network have been in the millions in the past several weeks, signaling strong user engagement. Among the industry participants who believe the further development of Shibarium could positively impact the price of SHIB is the popular Bitcoin advocate Jeremie Davinci.

Exchange Outflows

Last but not least, we will examine Shiba Inu’s exchange netflow. Data from CryptoQuant shows that in the last three days, outflows have surpassed inflows, indicating that investors may be moving their holdings off centralized platforms and into self-custody solutions. This, in turn, reduces the immediate selling pressure. 

SHIB Exchange Outflows. Source: CryptoQuant
SHIB Exchange Outflows. Source: CryptoQuant

The trend contrasts with what was observed at the end of last month, when inflows dominated from April 22 to April 29. This is usually considered a bearish factor since it increases selling pressure. Interestingly, it was during this particular period that SHIB reached its local peak before heading south after April 26. 

As a bonus, we would like to refer you to a previous article, which showed that the AI-powered chatbot ChatGPT is also bullish on the asset, estimating that it “is positioned to ride the next wave.” 

게시물 3 Reasons Why Shiba Inu (SHIB) Could be on the Verge of a Price Rally 에 처음 등장 크립토포테이토.

댓글

답글 남기기

이메일 주소는 공개되지 않습니다. 필수 필드는 *로 표시됩니다

최신 피드

인기 카테고리

ko_KR 한국어
ko_KR 한국어 en_US English ro_RO Română et Eesti ja 日本語 ru_RU Русский de_DE Deutsch es_ES Español zh_CN 简体中文 fr_FR Français zh_TW 繁體中文 pt_PT Português it_IT Italiano pl_PL Polski tr_TR Türkçe nl_NL Nederlands id_ID Bahasa Indonesia el Ελληνικά uk Українська bg_BG Български cs_CZ Čeština fi Suomi hu_HU Magyar lv Latviešu valoda lt_LT Lietuvių kalba nb_NO Norsk bokmål sk_SK Slovenčina sl_SI Slovenščina sv_SE Svenska

웹사이트 검색

인기 스토리

태그

#AlexeyPertsev (1) #BidenCryptoBan (1) #BidenElection (1) #BinanceVsCoinbase (1) #B비트코인 (291) #BitcoinETF (3) #B비트코인기초 (1) #B비트코인 취급 (1) #B비트코인가격 (5) #B비트코인가격수준 (1) #B비트코인펌프 (1) #B비트코인예치 (1) #B비트코인서지 (1) #BitcoinTop (1) #Bitfinex (1) #B비트 단위 (1) #브레이스브리지캐피털 (1) #BRC20토큰 (1) #BTC취득 (1) #B울리스틱 예측 (1) #BullishSentiment (1) #C중국광업 (1) #CPIP리뷰 (1) #CryptoAsset (2) #CryptoBattle (1) #CryptoBoom (1) #CryptoExpert (1) #CryptoInsights (1) #CryptoMania (1) #CryptoMarket (4) #CryptoPrediction (1) #CryptoPredictions (1) #CryptoRegulation (2) #CryptoTakeoff (1) #CryptoTiming (1) #CryptoTips (1) #CryptoTreasury (1) #CryptoUncertainty (1) #DerivativeJump (1) #Dogecoin (54) #DogecoinGains (1) #DogecoinVolume (1) #DutchCourt (2) #ECommerce (1) 1TP5테엘살바도르비트코인 (1) 1TP5테더리움 (59) 1TP5테더리움통증 (1) 1TP5테더리움가격 (1) 1TP5전문가 의견 (1) #FedRateCut (1) #FiatCurrency (1) #FinancialImpact (1) #FinancialPrivacy (1) #FirmShutdown (1) #FrozenAccounts (1) #IllicitFunds (1) #인플레이션데이터 (1) #투자 (1) #투자손실 (1) #일본기업 (1) #LegalAction (1) #LegalImpact (1) #법률 (1) #라이트닝 네트워크 (1) 1TP5시장분석 (3) 1TP5시장 모니터링 (1) 1TP5시장 예측 (1) 1TP5시장 예측 (1) #MarketProjection (1) 1TP5마켓지원 (1) 1TP5시장변동성 (1) #M결혼 (1) #MemeCoin (5) #MemeCoins (2) #M광부수익성 (1) #MoneyLaundering (2) #MtGox (3) 1TP5북한암호화 (1) 1TP5노보그라츠예측 (1) #P가격 마일스톤 (1) #P가격 예측 (2) #P가격 질문 (1) #PriceSurge (1) #P형량 (1) #QuantAnalysis (1) 1TP5규제압력 (1) #SEC안티크립토 (1) #ShibaInu (4) #SocialBuzz (1) 1TP5기술분석 (1) #Toncoin (3) #TornadoCash (3) #TornadoCashDev (1) 1TP5토네이도캐시개발자 (1) #UKCrypto (1) #업사이드 잠재력 (1) #USCongress (1) #와이오밍랜드 (1) #XRP가격 (1) #XRP업스윙 (1)

유용한 링크

유용하다고 생각되어 공유하고 싶은 링크.