Shiba

Shiba Inu

TL;DR
<ul>
 <li>Despite a downturn at the beginning of October, SHIB recently pumped by 4%, with some analysts predicting a potential 130% rally if key patterns are confirmed.</li>
 <li>Shibarium hit 7 million in processed blocks, but it has slowed its progress lately.</li>
</ul>
<h2 id="span-data-preserver-spaces-true-a-href-https-cryptopotato-com-wp-content-uploads-2024-10-shib_cb-45-jpg-data-wpel-link-internal-rel-noopener-noreferrer-nofollow-a-span"><a href="https://cryptopotato.com/wp-content/uploads/2024/10/SHIB_CB-45.jpg" data-wpel-link="internal" rel="noopener noreferrer nofollow"></a></h2>
<h2 id="shib-eyes-another-price-explosion">SHIB Eyes Another Price Explosion?</h2>
The second-largest meme coin made the headlines towards the end of September when its price spiked substantially. Recall that SHIB reached a three-month high while its market capitalization briefly soared above $12.5 billion.
Contrary to the overall expectations of a further rally, October (commonly referred to as “Uptober” by the community) offered pain for the bulls. Shiba Inu was among the many cryptocurrencies heading south, erasing much of the gains recorded last month.
<figure id="attachment_364715" aria-describedby="caption-attachment-364715" style="width: 100%" class="wp-caption aligncenter"><a href="https://cryptopotato.com/wp-content/uploads/2024/10/SHIBA-INU.png" data-wpel-link="internal" rel="noopener noreferrer nofollow"><img class="wp-image-364715" src="https://cryptopotato.com/wp-content/uploads/2024/10/SHIBA-INU.png" alt="SHIB Price" width="568" height="400" srcset="https://cryptopotato.com/wp-content/uploads/2024/10/SHIBA-INU.png 827w, https://cryptopotato.com/wp-content/uploads/2024/10/SHIBA-INU-300x211.png 300w, https://cryptopotato.com/wp-content/uploads/2024/10/SHIBA-INU-768x540.png 768w, https://cryptopotato.com/wp-content/uploads/2024/10/SHIBA-INU-50x35.png 50w" sizes="(max-width: 568px) 100vw, 568px"></a>
 <figcaption id="caption-attachment-364715" class="wp-caption-text">
 SHIB Price, Source: CoinGecko
 </figcaption>
</figure>
The enhanced volatility continued in the past 24 hours, with the token pumping by 4% amid a revival of the entire meme coin realm. One person who believes a bull run might be just starting is the popular X user Yoddha.
The analyst <a class="editor-rtfLink" href="https://x.com/CryptoYoddha/status/1842955517133721776" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">thinks</a> SHIB’s price pattern has formed a specific triangular shape, which could be followed by a 130% rally if broken to the upside.&nbsp;
Some important indicators support that thesis. The Shiba Inu burn rate, for instance, has <a class="editor-rtfLink" href="https://www.shibburn.com/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">exploded</a> by 550% on a daily scale, resulting in 5.1 million tokens sent to a null address. The program’s ultimate goal is to reduce the tremendous circulating supply of SHIB, making it scarcer and potentially more valuable in time (assuming it is combined with a non-declining demand).
Large Transactions (a momentum oscillator that shows the number of transactions greater than $100,000) is up 8% in the last 24 hours, <a class="editor-rtfLink" href="https://app.intotheblock.com/coin/SHIB" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">signaling</a> increased whale activity. This could be interpreted as a sign of confidence and may drag additional investors (hence more capital) into the ecosystem.
<h2 id="span-data-preserver-spaces-true-how-s-shibarium-doing-span">How’s Shibarium Doing?</h2>
Another important element that could contribute to SHIB’s potential price increase is the further progress of the layer-2 scaling solution Shibarium.
Not long ago, the protocol’s processed blocks <a class="editor-rtfLink" href="https://cryptopotato.com/shiba-inu-shib-hits-another-major-milestone-details/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">hit</a> the 7 million milestone, while total transactions are inching toward 420 million. However, Shibarium has stalled its advancement recently, signaling lower network utilization.
For more updates on the ecosystem,&nbsp;make sure to check out our&nbsp;<a class="editor-rtfLink" href="https://cryptopotato.com/shibarium-news/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">Shibarium news</a>.
The post <a href="https://cryptopotato.com/shiba-inu-shib-might-be-gearing-up-for-a-130-price-increase-analyst/" rel="noopener noreferrer nofollow">Shiba Inu (SHIB) Might be Gearing up for a 130% Price Increase: Analyst</a> appeared first on <a href="https://cryptopotato.com/" rel="noopener noreferrer nofollow">CryptoPotato</a>.

Shiba Inu (SHIB) Might be Gearing up for a 130% Price Increase: Analyst

Table of Contents

CryptoPotato_News

Other articles published on Oct 7, 2024

Hedera's $HBAR Gains US Institutional Access with Launch of Canary Trust

RootData: Insights from a Blockchain Analytics Platform

Chinese Stocks Overshadow Crypto: Is This The End Of USDT In China?

Crypto Community Discusses Len Sassaman, Was He Satoshi Nakamoto?

Cardano Rockets 300% in Fund Flows, XRP in Green Too

UBS Predicts China Economic Stimulus, Investors May Shift from Crypto to Stocks

Join our free newsletter for daily crypto updates!