The post Shiba Inu (SHIB) Could Explode by 50% But Under This Vital Condition appeared on BitcoinEthereumNews.com. Home » Crypto Bits Is SHIB gearing up for a The post Shiba Inu (SHIB) Could Explode by 50% But Under This Vital Condition appeared on BitcoinEthereumNews.com. Home » Crypto Bits Is SHIB gearing up for a

Shiba Inu (SHIB) Could Explode by 50% But Under This Vital Condition

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Is SHIB gearing up for a move toward $0.0000099?

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Summarize with AI


Summarize with AI

Shiba Inu (SHIB) has been on an evident downtrend in the past several months, reflecting a broader cooling of enthusiasm among traders and investors.

However, one popular analyst believes the meme coin has a chance to post a substantial price increase in the near future.

What Needs to Happen?

SHIB saw a strong rebound over the weekend, climbing to $0.0000072, the highest point since late January. Its rise coincided with a broader meme coin upswing triggered by news that X will soon allow users to trade stocks and cryptocurrencies directly from their timelines.

SHIB’s revival was short-lived, and it is currently worth around $0.000006596, representing a 3% decline over the past 24 hours. According to renowned analyst Ali Martinez, however, the asset may be poised for another jump.

He noted that SHIB has been pressing against the $0.0000067 resistance level. Should the token flip this area into support, Martinez believes it could open the door to a 50% rally to $0.0000099. Many X users who engaged with the post agreed with this potential scenario. Global Rashid, for instance, said:

Some indicators point toward the possibility of a short-term rally. Shiba Inu’s burn rate has soared by 70% on a daily scale, resulting in more than three million tokens sent to a null address. While the USD equivalent of the destroyed stash is negligible, sustained efforts in that field can support price appreciation (especially if demand doesn’t decline).

SHIB Burn Rate, Source: shibburn.com

SHIB’s exchange reserves are also worth observing. Recently, the number of coins stored on centralized platforms fell to a new five-year low, signaling that investors continue to shift toward self-custody, thereby reducing immediate selling pressure.

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SHIB Exchange Reserves, Source: CryptoQuant

The Doom Scenario?

Ali Martinez has been quite vocal about SHIB lately and, last week, outlined a completely different prediction. At the time, the price of the meme coin dipped well below $0.00000667, and the analyst viewed this as a precursor to a severe 80% decline.

Another element suggesting that a sustainable rally for the meme coin is far-fetched is the fading interest from market participants. SHIB has generated trading volume of just $167 million over the past 24 hours, a figure that pales in comparison to activity seen in other popular altcoins, including Dogecoin (DOGE), Ripple (XRP), Solana (SOL), Cardano (ADA), and many more.

Shibarium’s stalled progress is another worrying factor. Shiba Inu’s layer-2 blockchain solution was launched in the summer of 2023 and is designed to foster ecosystem growth by reducing transaction fees, improving speed, and enhancing scalability. At one point, daily transactions on the protocol were in the millions, but data show that activity has dropped to zero over the last few weeks.

Shibarium’s downfall appears to have begun in September last year, when its security was breached. Several reports claimed that the attack was carried out using a flash loan to purchase 4.6 million BONE tokens. LUCIE (the pseudonymous marketing strategist for Shibarium) refused to characterize the incident as a hack and assured investors that their funds were safe.

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Source: https://cryptopotato.com/shiba-inu-shib-could-explode-by-50-but-under-this-vital-condition/

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