Shiba Inu (SHIB), the immensely popular meme coin supported by the devoted Shib Army, has shown recent signs of life after mirroring the bearish sentiment plaguing the broader market.
This positive shift has ignited speculation about a potential price surge, with some even predicting the shedding of a decimal point. However, concerns regarding the token’s immense supply still cast a shadow on its long-term sustainability and growth.
Read Also: If History Repeats, Here’s How High Shiba Inu (SHIB) Price Could Rise in February
Over the past 24 hours, Shiba Inu (SHIB has experienced a 1.46% climb, pushing its value to $0.000009251. This upward trend is accompanied by a 29.96% increase in trading volume to $123.28 million. Notably, the token’s 7-day growth is a promising 7.11%, further bolstering its recent bullish performance.
$SHIB KNIGHT (@army_shiba), a prominent market analyst and figure within the SHIB Army identified a technical breakout on the two-hour chart, suggesting a potential reversal of the previous downtrend.
This analysis, coupled with the broader market’s positive movement, presents an opportunity for the Shib Army to capitalize on the momentum and potentially achieve the coveted price target of $0.00001 by the end of January.
$SHIB is breaking downtrend at 2H Chart pic.twitter.com/XN3R2EjJEm
— $SHIB KNIGHT (@army_shiba) January 29, 2024
Bullish Predictions and Investor Caution
Bard also shared bullish predictions recently, anticipating a strong close to January. This positive sentiment could translate into continued favorable performance in February. However, investors have to be cautious because of SHIB’s volatility.
Meme coins are notorious for sudden and significant price fluctuations. Although SHIB is one of a kind in the meme coin market, with notable developments and features in its ecosystem, it has not shed that meme coin moniker.
Shiba Inu (SHIB) Supply Problem
While the recent positive developments are encouraging, Shiba Inu faces a significant challenge in the form of its vast token supply. Despite ongoing efforts to reduce this abundance through burning mechanisms, concerns remain about its long-term impact on valuation.
The Shibarium team is actively tackling this issue by introducing an auto-burn mechanism designed to automate and accelerate the SHIB burning process.
We are on twitter, follow us to connect with us :- @TimesTabloid1
— TimesTabloid (@TimesTabloid1) July 15, 2023
Read Also: Shiba Inu Burn Rate Surges 2,924%. How Much Could This Impact SHIB Price?
What’s Next?
The recent resurgence of Shiba Inu has instilled renewed hope within its community. Significant whale activity recently ignited bullish sentiment in the market, and while technical analysis suggests a potential for further growth, the significant token supply issue demands solutions.
The implementation of the burn portal could prove instrumental in ensuring the token’s long-term viability and potentially unlocking its true potential. With SHIB about to break out from the downtrend, now is an important time to lay the groundwork for a sustained climb.
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