Shiba Inu (SHIB) It could soon enjoy a massive rally as several on-chain metrics paint a bullish picture for the meme coin. These metrics include daily transactions on the Shibarium layer 2 networkindicating that Shiba Inu adoption is on the rise again.
Shiba Inu could enjoy a major rally with these bullish metrics
A significant price increase could be on the horizon for the meme coin with bullish metrics such as daily transactions on Shibarium. Data According to Shibarium’s analysis, Shiabrium’s daily transactions on September 19 reached 11,360, a significant increase from 3,090 the day before. The 11,360 daily transactions recorded on that day also represent the highest figure in over a month, as Network Activity It has been stagnant for some time.
However, this increase in Shibarium Daily Transactions indicates that investors are returning to the Shiba Inu ecosystem, which could help drive this price increase of the meme coin. Furthermore, the increase in daily transactions coincides with the Fed rate cutwhich has increased investor confidence in allocating more capital to risky assets like SHIB.
As such, this could lead to further adoption of the Shibarium network, with daily transactions likely to continue to skyrocket. An increase in network activity is also significant, as this would lead to more Shiba Inu burnswhich ultimately impacts the price of the meme coin as more coins are removed from circulation.
The layer 2 network has already implemented an automatic burning mechanism whereby a portion of the network transaction fees are converted into SHIB and burned. Therefore, increased network activity means more transaction fees and more Shiba Inu tokens burned.
The ‘In The Money’ metric is also bullish
Other Shiba Inu Metrics What has turned bullish is the ‘In the Money’ metric, with the number of SHIB holders currently in profit on the rise. This is positive as the meme coin might face less selling pressure, and investors are more confident in holding it when they are 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 could face minimal resistance as its uptrend continues. Shiba Inu Addresses bought the meme coin at levels above its current price, indicating that it should face little selling pressure as its price rises. Most Shiba Inu Addresses bought the coin at the crucial price level of $0.000010, which SHIB has retested several times and confirmed as support.
Can the Shiba Inu reach $0.00004?
These metrics demonstrate that shiba inu It may reach $0.00004 as they provide a bullish outlook for the meme coin. Moreover, from a technical analysis perspective, cryptocurrency analysts like Javon Marks have highlighted how the meme coin looks ready for a breakout. Predicted brands The meme coin could rise to $0.00008.
Meanwhile, cryptocurrency analyst Pat fixed that higher timeframe charts on meme coins are starting to look “very beautiful.” He used Shiba Inu as a case study, indicating that the meme coin could rise to the $0.00004 range if it can confirm the deviation on the chart.
At the time of writing, Shiba Inu is trading at around $0.000014, down more than 2% in the past 24 hours, according to data from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com
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