Shiba Inu (SHIB) Ready to 3x and a Bull Run Soon: Analysis
TL;DR
- $SHIB KNIGHT predicts Shiba Inu (SHIB) will soon hit an 8-month high.
- Shibarium’s LUCIE anticipates a SHIB bull run due to its decentralization.
- Factors for SHIB’s potential rise include mass adoption, token burning, and Shibarium’s advancements.
Is SHIB Ready to Reclaim a Milestone?
The popular cryptocurrency trader using the X (Twitter) handle $SHIB KNIGHT thinks the price of Shiba Inu (SHIB) could soon head to an 8-month high of approximately $0.0003.
They based the forecast on the assumption that the memecoin’s current valuation has found the bottom, meaning an ascend is expected to happen soon.
$SHIB hold this support line all the time. This should be the bottom.
Chart is squeezing, accumulation coming to an end. Let’s see. pic.twitter.com/q8q1ZeZo9Y
— $SHIB KNIGHT (@army_shiba) October 4, 2023
$SHIB KNIGHT is not the only X user to have envisioned a price rally for SHIB. Shibarium’s Marketing Strategist – LUCIE – argued last month that the asset could enter a bull run since it speaks for the “goodness” that eventually “prevails.” They also claimed that the memecoin is fully decentralized and “represents the people.”
What Could Push SHIB up?
Experts have suggested that a potential price increase of Shiba Inu could be propelled by several factors, such as mass adoption, the successful execution of the token’s burning program, and further development of the layer-2 scaling solution – Shibarium.
The team behind the project announced earlier this month that over 2.3 billion SHIB were destroyed in September. The process was even more successful in August when 5.7 billion tokens were sent to an address nobody could access.
Shibarium has also been advancing with relatively good temps. It officially saw the light of day at the end of August, as its main goal is to elevate Shiba Inu above its rivals by improving speed and lowering transaction fees.
The total number of transactions on the network surpassed the three million mark, whereas the overall number of wallet addresses exceeded 1.25 million. Those curious to find out more about the L2 blockchain solution can take a look at our video below:
The post Shiba Inu (SHIB) Ready to 3x and a Bull Run Soon: Analysis appeared first on CryptoPotato.
