Shiba Inu (SHIB) It could soon see a massive surge as several on-chain metrics paint a bullish picture for the meme coin. These metrics include daily transactions on Layer 2 Shibarium Networkindicating that Shiba Inu adoption is once again on the rise.
Shiba Inu Could See a Huge Rise Thanks to These Bullish Metrics
The meme coin could see a significant price surge with bullish metrics like daily transactions on Shibarium. Data From Shibariumscan, it appears that Shiabrium’s daily transactions on September 19 reached 11,360, a significant increase from the 3,090 the day before. The 11,360 daily transactions recorded that day also represents the highest number in more than a month, as Network activity It has been stagnant for a while now.
However, this increase in Shibarium Daily Transactions This indicates that investors are returning to the Shiba Inu ecosystem, which could help spark a price rally for the meme coin. Furthermore, the daily transaction spike coincides with Fed rate cutwhich has boosted investor confidence in allocating more capital to risky assets like SHIB.
As such, this could lead to increased adoption of the Shibarium network, with daily transactions likely to continue to rise significantly. Increased network activity is also important as this could lead to more Shiba Inu is burningultimately affecting the price of the meme coin as more coins are removed from circulation.
The Layer 2 network has already implemented an automatic burn mechanism where some of the network’s transaction fees are converted to SHIB and burned. Therefore, increased network activity means more transaction fees and more Shiba Inu tokens burned.
The “in the money” scale is also bullish.
last Shiba Inu Meter What has turned bullish is the “In the Money” metric, as the number of SHIB holders who are making a profit is currently rising. This is positive as the meme coin may face less selling pressure, with investors confident in holding it when it is in profit. Holders who are in loss are always quick to sell to cut their losses.
The In the Money metric also shows that the meme coin may face little resistance as its upward trend continues. Shiba Inu Addresses Most investors bought the meme coin at levels above its current price, indicating that it will face little selling pressure as its price rises. Shiba Inu Addresses The coin was bought at the crucial $0.000010 price level, which SHIB retested multiple times and confirmed as support.
Can Shiba Inu Reach $0.00004?
These metrics prove that Shiba Inu The meme coin price could reach $0.00004 as it provides bullish predictions for the meme coin. Moreover, from a technical analysis perspective, cryptocurrency analysts like Javon Marks have highlighted how ready the meme coin is to take off. Expected marks The meme coin could rise to $0.00008.
Meanwhile, cryptocurrency analyst Pat said, Stated One analyst said that the higher time frame charts for meme coins are starting to look “pretty cool.” He used Shiba Inu as a case study, noting that the meme coin could rally to the $0.00004 range if it can confirm the divergence on the chart.
At the time of writing, Shiba Inu is trading at around $0.000014, down over 2% in the last 24 hours, according to Data From CoinMarketCap.
Featured image created using Dall.E, chart from Tradingview.com