Popular meme coin Shiba Inu (SHIB) has underperformed recently, falling 20% month-on-month. Along with these, the market value fell below 13.5 billion dollars.
However, these negative trends do not seem to be a major concern for many analysts who believe SHIB is poised for a bull run.
For example, user That’s why he jumped on the SHIB bandwagon as an investor, he said.
“I know the future, I know what awaits SHIB. I will not share this information as I do not want to damage my SHIB relationships. But I will tell you this: I am saving $SHIB.”
Another popular analyst involved in the Shiba Inu ecosystem is Ali Martinez. He argued that the asset’s price trajectory “formed a bull flag” on the daily chart, raising hopes for a 300% rally.
Rekt Capital and CRYPTO SHERIFF also expressed their opinions on this issue. Rekt Capital stated that SHIB’s value has returned to early 2022 levels. The trader assumed that the price could skyrocket to triple digits if it broke through the critical resistance level of $0.00002741.
CRYPTO SHERIFF, on the other hand, claimed that a “breakout” had already occurred, predicting a 350% rally in the near future.
Observe These Important Factors
There are several factors that indicate that the SHIB price boom may indeed be on the horizon. The burn rate, which jumped over 4,000% a few days ago, is one of them. The ultimate goal of the program is to reduce the supply of Shiba Inu by the trillions over time, making the asset scarcer and potentially more valuable.
The further development of Shibarium is also an important development. meme coin‘s layer-2 scaling solution has recently undergone two major upgrades to improve user experience and increase compatibility with popular wallets such as MetaMask, Coinbase Wallet, and Trust Wallet.
Additionally, SHIB exchange net flow has been predominantly negative in the last seven days. This signaled a shift from centralized platforms to self-custodial wallets. This type of move can be interpreted as bullish as it reduces sudden selling pressure.
