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3 Reasons a Shiba Inu (SHIB) Rally May Be Closer Than You Think

TL;DR Shiba Inu (SHIB) may be struggling now, but key indicators point to a potential comeback rally ahead. One of the factors is the burn rate explosion on a 24-hour scale. Ready for Liftoff? Despite its brief price increase towards the end of March, SHIB has been on an evident decline in the past 30 days. Currently, it trades at around $0.00001192 (per CoinGecko’s data), representing a 5% drop for the timeframe. SHIB Price, Source: CoinGecko However, some essential factors suggest a surge could be just around the corner. SHIB’s burn rate, for instance, has exploded by almost 2,000% in the last 24 hours, resulting in over 17.6 million tokens sent to a null address. Interestingly, a single transaction from a mysterious entity contributed to over 90% of the destroyed stash. The ultimate goal of the mechanism is to reduce the tremendous circulating supply of SHIB, thus potentially making it more valuable. Burning alone, though, doesn’t guarantee a stable price increase as it also requires a consistent or rising demand. Next on the list of possible price catalysts is the advancement of Shibarium. In the past weeks, daily transactions processed on the layer-2 blockchain solution have skyrocketed above three million, signaling strong user engagement and increased activity within the ecosystem. Shibarium supercharges the Shiba Inu ecosystem – slashing fees, speeding up transactions, and burning SHIB along the way . As such, some believe its evolution could ignite fresh momentum for the price of the underlying token. Among the examples is the popular Bitcoin advocate Jeremie Davinci, who said : “I like Shiba Inu, as you know, and I think it will do relatively well in this cycle, but it may not go as high as you expect. I think Shiba Inu has a lot of utility now that they have Shibarium, and basically, it’s a chain that you can actually run all kinds of applications. However, nobody is using it, and there are no applications for using your tokens on Shibarium yet. If they get that solved , Shiba Inu will go to the moon.” Exchange Netflows SHIB’s exchange netflow is also worth observing. Outflows have been dominating inflows lately, suggesting holders are moving tokens off centralized platforms and into self-custody. This development could be considered bullish since it reduces the immediate selling pressure. Generally, when investors transfer their crypto holdings to exchanges, it is to dispose of them, and vice versa. SHIB Exchange Flows. Source: CryptoQuant The post 3 Reasons a Shiba Inu (SHIB) Rally May Be Closer Than You Think appeared first on CryptoPotato . CoinTurk News

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Trader Says Altcoin That’s Ripped 222% in a Month Still Has Room To Run, Updates Outlook on SOL-Based Memecoin

A closely followed crypto analyst believes one red-hot meme token operating on Solana ( SOL ) may continue soaring even higher. Pseudonymous analyst Altcoin Sherpa tells his 243,800 followers on the social media platform X that artificial intelligence (AI)-based Fartcoin ( FARTCOIN ) may increase by more than 47% from its current value. “Would rather buy higher (break of $1) or lower ($0.70) for Fartcoin. This is either charging up for a big move up to $1.25 or it’s going to pullback, I don’t have a clue where it goes in the short term. What I do know, however, is that this thing is going to go higher later on.” Source: Altcoin Sherpa/X Looking at his chart, the trader suggests FARTCOIN make another attempt to break through resistance at $0.96. However, he says the meme asset may first return to the .382 Fibonacci retracement level at $0.70. Fartcoin hit a low of $0.265 on March 18th and is trading for $0.8542 at time of writing, up 222% in a month. Next up, the analyst says that the SOL-based memecoin Bonk ( BONK ) has likely formed a local market bottom and is gearing up for a breakout. “The relative short-term bottom is in in my opinion. Many strong alts have been in this range for about one month at this point. More consolidation and then a stronger move in one-two months in my opinion.” Source: Altcoin Sherpa/X BONK is trading for $0.00001182 at time of writing, down 1.1% in the last 24 hours. Follow us on X , Facebook and Telegram Don`t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox Check Price Action Surf The Daily Hodl Mix Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing. Generated Image: DALLE3 The post Trader Says Altcoin That’s Ripped 222% in a Month Still Has Room To Run, Updates Outlook on SOL-Based Memecoin appeared first on The Daily Hodl . CoinTurk News