Is it Time to Start Buying SHIB? This Analyst Gives His Thoughts
TL;DR
- Influential social media users and traders are accumulating Shiba Inu, citing strong market potential and technical patterns that predict significant price increases.
- Key factors that could trigger a SHIB price rally include an increased token burn rate, advancements in its Shibarium layer-2 solution, and a decrease in token supply on exchanges.
‘I Know the Future’
Despite its rapid price increase on a yearly scale, some analysts believe Shiba Inu (SHIB) still represents a great buying opportunity. One such person is the X user with almost 100,000 followers – Del Crxpto.
He admitted accumulating amounts of the meme coin, claiming he knows “what’s coming” in the future. The analyst was reluctant to share additional details since he doesn’t want “to tarnish” his SHIB relationships.
I know the future, I know what’s coming for $SHIB …
I will not share this information, as I do not want to tarnish my $SHIB relationships.
However, I will tell you this:
I am accumulating $SHIB.
— Del Crxpto (@DelCrxpto) May 5, 2024
Numerous X users praised his decision, describing the token as the top meme coin and the one with the biggest potential for a price rally. On the other side, some assumed that SHIB doesn’t have much room for growth, suggesting that other assets of that type might be a better choice.
Another popular trader who recently placed buying orders on Shiba Inu is Ali Martinez. He claimed that the asset’s price trajectory has been “forming a bull flag” on a daily chart, raising hopes for a 300% rally.
Rekt Capital and crypto content creator Jake Gagain also outlined bullish predictions. The former forecasted a triple-digit price increase, whereas the latter maintained that “fading” Shiba Inu “is a major mistake.”
What Can Trigger a SHIB Bull Run?
One essential factor that can fuel a Shiba Inu price resurgence is the SHIB burn rate. The metric has taken off lately, with millions of tokens removed from circulation.
Another element is the development of Shibarium – the meme coin’s layer-2 scaling solution. It underwent two major updates lately.
The decreasing supply of SHIB tokens on crypto exchanges may also signal an incoming rally. According to CryptoQuant, Shiba Inu exchange netflow has been predominantly negative in the past week. Such a shift from centralized platforms to self-custody methods is considered bullish since it reduces the immediate selling pressure.
The post Is it Time to Start Buying SHIB? This Analyst Gives His Thoughts appeared first on CryptoPotato.
