Bitrabo Editorial
Shiba Inu (SHIB) may be on the brink of a significant price increase, as recent on-chain data suggests a positive trend for the meme coin. A key indicator is the rising daily transactions on the Shibarium layer-2 network, signaling renewed interest in Shiba Inu.
Shiba Inu Set for Potential Surge Thanks to Positive Indicators
The potential for a notable price increase for Shiba Inu seems plausible, especially with the favorable trends in Shibarium’s daily transactions. According to Shibariumscan, there were 11,360 transactions on September 19, up from just 3,090 the day before. This recent figure is the highest seen in over a month, indicating a resurgence in network activity after a period of stagnation.
This uptick in transactions may suggest that investors are re-engaging with the Shiba Inu ecosystem, possibly fueling a price increase for the meme coin. Additionally, this increase coincides with a recent Federal Reserve rate cut, which has encouraged investors to put more money into riskier assets like SHIB.
This trend could lead to greater usage of the Shibarium network, further boosting daily transactions. Increased activity on the network is crucial as it results in higher Shiba Inu burns, which can influence the coin’s value by decreasing the available supply.
To enhance its value, Shibarium has introduced an automatic burn mechanism where a portion of transaction fees is converted to SHIB and subsequently burned. Therefore, greater activity means more fees and a higher quantity of tokens burned.
Positive Outlook from the ‘In The Money’ Metric
Another encouraging sign for Shiba Inu is the ‘In the Money’ metric, which shows a growing number of holders currently in profit. This is beneficial because it reduces selling pressure, as profitable investors are likely to hold onto their assets rather than sell quickly to minimize losses.
The data suggests that Shiba Inu might experience less resistance while its price ascends. With fewer addresses holding SHIB at higher levels than its current price, there should be minimal selling pressure as its value rises. Many holders purchased the coin around the critical $0.000010 mark, which has consistently served as a support level.
Can Shiba Inu Reach $0.00004?
These trends indicate the possibility of Shiba Inu reaching $0.00004, painting a bullish picture for the coin. From a technical analysis standpoint, experts like Javon Marks have pointed out that the coin appears primed for a breakout, with potential estimates suggesting it could reach $0.00008.
Furthermore, crypto analyst Pat mentioned that the higher time frame charts for meme coins are looking increasingly favorable. He used Shiba Inu as an example, suggesting it could rise to the $0.00004 range if the chart pattern confirms.
As of now, Shiba Inu is trading at approximately $0.000014, which is a decline of over 2% in the past 24 hours, as reported by CoinMarketCap.