Shiba

World

Dogecoin

April

Shiba Inu

TL;DR
<ul>
 <li>Shibarium-related metrics have headed north lately, while SHIB’s burn rate exploded by triple digits on a 24-hour scale.</li>
 <li>However, the recent shift from self-custody methods toward exchanges could be interpreted as a bearish factor for the meme coin’s price.</li>
</ul>
<h2 id="span-data-preserver-spaces-true-a-href-https-cryptopotato-com-wp-content-uploads-2024-10-shib_cb-53-jpg-data-wpel-link-internal-rel-noopener-noreferrer-nofollow-a-span"><a href="https://cryptopotato.com/wp-content/uploads/2024/10/SHIB_CB-53.jpg" data-wpel-link="internal" rel="noopener noreferrer nofollow"></a></h2>
<h2 id="good-news-for-shib-bulls">Good News for SHIB Bulls?</h2>
The second-largest meme coin has performed quite well in the past month, registering a 30% price increase. Despite being slightly in the red today (October 21), some important factors suggest that the rally could continue in the short term.
<figure id="attachment_367188" aria-describedby="caption-attachment-367188" style="width: 100%" class="wp-caption aligncenter"><a href="https://cryptopotato.com/wp-content/uploads/2024/10/SHIB-Price-10.png" data-wpel-link="internal" rel="noopener noreferrer nofollow"><img class="wp-image-367188" src="https://cryptopotato.com/wp-content/uploads/2024/10/SHIB-Price-10.png" alt="SHIB Price" width="578" height="400" srcset="https://cryptopotato.com/wp-content/uploads/2024/10/SHIB-Price-10.png 1043w, https://cryptopotato.com/wp-content/uploads/2024/10/SHIB-Price-10-300x208.png 300w, https://cryptopotato.com/wp-content/uploads/2024/10/SHIB-Price-10-1024x709.png 1024w, https://cryptopotato.com/wp-content/uploads/2024/10/SHIB-Price-10-768x532.png 768w, https://cryptopotato.com/wp-content/uploads/2024/10/SHIB-Price-10-50x35.png 50w" sizes="(max-width: 578px) 100vw, 578px"></a>
 <figcaption id="caption-attachment-367188" class="wp-caption-text">
 SHIB Price, Source: CoinGecko
 </figcaption>
</figure>
One of those bullish signals is the resurgence of Shiba Inu’s layer-2 scaling solution – Shibarium. Daily transactions on the network have <a class="editor-rtfLink" href="https://www.shibariumscan.io/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">exploded</a> to 324,000 and 242,000 in the past two days. Such high figures were last observed in April this year. The number of active accounts, new accounts, and other Shibarium-related metrics have also skyrocketed lately.
The protocol’s revival hints at increased user engagement and growing adoption and utility within the network. Investors may see this as a sign of confidence, triggering a fresh flow of capital toward the ecosystem.
Next on the list is Shiba Inu’s burning mechanism. Data <a class="editor-rtfLink" href="https://www.shibburn.com/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">shows</a> that the burn rate has skyrocketed by almost 400% in the past 24 hours, resulting in 6.3 million tokens destroyed. The program’s goal is to reduce the circulating supply of SHIB, making it scarcer and potentially more valuable (should demand remain constant or head north).&nbsp;&nbsp;
Currently, there are more than 583 trillion tokens in circulation, with 410.7 trillion already sent to a null address over the years.&nbsp;
The third bullish element is the meme coin sector that has been at the forefront of gains lately. The leader, Dogecoin (DOGE), is up almost 30% weekly, while Bonk Inu (BONK) and Floki Inu (FLOKI) have also seen significant increases for that period.&nbsp;
It is worth mentioning that today’s rock star is Cat in a Dogs World (MEW), which <a class="editor-rtfLink" href="https://cryptopotato.com/this-viral-cat-themed-meme-coin-hits-a-new-ath-heres-why/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">jumped</a> by double digits and hit a new all-time high of approximately $0.01. This happened shortly after the biggest South Korean crypto exchange, Upbit, allowed trading services with the asset.&nbsp;
<h2 id="span-data-preserver-spaces-true-it-s-not-all-roses-and-sunshine-span">It’s Not All Roses and Sunshine</h2>
Despite the overall bullish environment, there is one bearish factor that signals a possible pullback for Shiba Inu’s price. This is the SHIB exchange netflow, which <a class="editor-rtfLink" href="https://cryptoquant.com/asset/shib/chart/exchange-flows/exchange-netflow-total?exchange=all_exchange&amp;window=DAY&amp;ema=0&amp;priceScale=log&amp;metricScale=linear&amp;chartStyle=column" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">according</a> to CryptoQuant, has been predominantly positive in the past several days.
The development suggests that a growing number of investors might have switched from self-custody methods toward centralized platforms, which, in turn, increases the immediate selling pressure.
The post <a href="https://cryptopotato.com/3-bullish-signs-for-the-shiba-inu-shib-price-to-watch/" rel="noopener noreferrer nofollow">3 Bullish Signs for the Shiba Inu (SHIB) Price to Watch</a> appeared first on <a href="https://cryptopotato.com/" rel="noopener noreferrer nofollow">CryptoPotato</a>.

3 Bullish Signs for the Shiba Inu (SHIB) Price to Watch

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