TL;DR
One of the trendiest memecoins – Shiba Inu (SHIB) – has gathered much investor attention over the past few years due to its rapid price appreciation and enhanced volatility. And while the asset’s valuation is currently far from the all-time high registered in 2021, some analysts and experts believe an uptrend could still be on the cards.
The cryptocurrency platform Digital Coin Price conducted research, according to which SHIB could explode by over 220% by the end of 2025. It also argued that certain technical metrics indicate that the asset is currently in a bullish mode:
“All technical indicators indicate that the current sentiment is Bullish, while the Fear & Greed Index is reading 46.40, which means extreme fear. Our Shiba Inu forecast: it’s good to Buy Shiba Inu right now.”
In addition, the entity claimed that SHIB has been trading below the 200 simple moving average for the last 326 days and below the 50-day simple moving average (SMA). Those were also pinpointed as bullish elements that could play a role in the memecoin’s potential price surge.
Two other vital factors that might propel a SHIB rally are the successful execution of the memecoin’s burning program and the development of the layer-2 blockchain solution Shibarium.
As CryptoPotato recently reported, the burn rate has skyrocketed by over 1,300% for the past 24 hours, while in October, almost 1.5 billion assets were removed from circulation.
Speaking of Shibarium, it is worth noting its progress made in the past couple of months. The number of total blocks on the network surpassed 1.5 million, while total transactions are inching toward 4 million. Those curious to find out more about Shibarium’s purposes and specifics could take a look at the video below:
