Shiba Inu recently experienced a 3% dip in price, which was attributed to the overall cryptocurrency market plunge after news broke that the US government transferred $2 billion worth of bitcoin holdings. However, despite this short-term setback, there are some indicators within the Shiba Inu ecosystem that suggest a potential rally may be on the horizon.
Positive Indicators for Shiba Inu
One of the positive indicators for Shiba Inu is the significant increase in the burn rate, which saw a staggering surge of over 7,000% on a daily scale. This resulted in 2.3 million tokens being sent to a null address, ultimately reducing the circulating supply of the meme coin. Additionally, whale activity for SHIB has been on the rise, with aggregated daily volume exceeding $100K transactions increasing by 430% to over $32 million. Daily active addresses have also seen an uptick, albeit more modestly.
SHIB Exchange Netflow and Analyst Predictions
Another important indicator to consider is the SHIB exchange netflow, which has shown that outflows have been surpassing inflows over the past 30 days. This shift from centralized platforms to self-custody methods is seen as bullish for the price of the meme coin, as it reduces immediate selling pressure. Analysts have differing opinions on the future of Shiba Inu, with one suggesting a potential 171% rally to $0.0000456 based on a macro Hidden Bullish Divergence with the RSI. Conversely, another analyst predicts a potential drop to $0.000015 if the major resistance level of $0.000017 is breached.
While Shiba Inu may have experienced a recent price dip, there are several indicators within the ecosystem that suggest a potential rally in the future. The surge in burn rate, whale activity, and exchange netflow all point towards a positive outlook for the meme coin. However, it’s important to consider differing analyst opinions and market trends when evaluating the future potential of Shiba Inu.
