Comprehensive Brief:
Over the last 12 hours, Shiba Inu (SHIB) has experienced a 5.11% decline, currently trading at $0.00001958. Despite this drop, SHIB has seen a 30.84% increase in the past week, thanks to a combination of bullish factors, including a sharp rise in its burn rate and positive developments in its Shibarium layer-2 network(Binance)(CryptoPotato).
Key Market Developments:
- Shibarium’s Impact: Shiba Inu’s Shibarium layer-2 scaling solution, launched to improve transaction efficiency and lower gas fees, has been a major driver of SHIB’s price resurgence. The network processed over 7 million blocks, significantly contributing to renewed investor confidence(CryptoPotato).
- Burn Rate Surge: SHIB’s burn rate spiked by 640%, removing millions of tokens from circulation and potentially increasing scarcity. This burn mechanism has been one of the key factors driving up SHIB’s price(CryptoPotato).
- Investor Sentiment: SHIB has been buoyed by strong community support, with 50% of SHIB holders currently in profit. Market analysts remain divided on whether the rally will sustain, with some predicting further gains due to increased adoption within the ShibaSwap ecosystem(Shib Daily).
Technical Analysis:
SHIB has broken through key resistance levels but faces potential correction as trading volumes and bullish momentum taper off. Key levels to watch include $0.0000195 for support and $0.000028 as a possible next target if bullish sentiment continues(Binance)(CryptoPotato).
Shiba Inu’s ecosystem continues to grow, with an expanding use case through ShibaSwap, the NFT marketplace, and the Shibarium metaverse. While the recent rally may face short-term corrections, SHIB’s long-term outlook remains optimistic.
