{"id":15397,"date":"2024-10-21T17:29:07","date_gmt":"2024-10-21T17:29:07","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=15397"},"modified":"2024-10-21T17:29:07","modified_gmt":"2024-10-21T17:29:07","slug":"3-bullish-signs-for-the-shiba-inu-shib-price-to-watch","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=15397","title":{"rendered":"3 Bullish Signs for the Shiba Inu (SHIB) Price to Watch"},"content":{"rendered":"

TL;DR<\/strong><\/p>\n

Shibarium-related metrics have headed north lately, while SHIB\u2019s burn rate exploded by triple digits on a 24-hour scale.<\/span>
\nHowever, the recent shift from self-custody methods toward exchanges could be interpreted as a bearish factor for the meme coin\u2019s price.<\/p>\n

<\/a><\/span><\/h2>\n

Good News for SHIB Bulls?<\/h2>\n

The second-largest meme coin has performed <\/span>quite<\/span> well in the past month, registering a 30% price increase. Despite being slightly in the red today (October 21), some <\/span>important<\/span> factors suggest that the rally could continue in the short term.<\/span><\/p>\n

<\/a>SHIB Price, Source: CoinGecko<\/p>\n

One of those bullish signals is the resurgence of Shiba Inu\u2019s layer-2 scaling solution <\/span>\u2013 Shibarium. Daily<\/span> transactions on the network have <\/span>exploded<\/span><\/a> to 324,000 and 242,000 <\/span>in the past two days<\/span>.<\/span> Such high figures <\/span>were last observed<\/span> in April this year. The number of active accounts, new accounts, and other Shibarium-related metrics have <\/span>also<\/span> skyrocketed lately.<\/span><\/p>\n

The protocol\u2019s revival hints at increased user engagement and growing adoption and utility within the network. Investors may see this as a sign of confidence, triggering a fresh flow of capital toward the ecosystem.<\/span><\/p>\n

Next on the list is Shiba Inu\u2019s burning mechanism. Data <\/span>shows<\/span><\/a> that the burn rate has skyrocketed by almost 400% in the past 24 hours, resulting in 6.3 million tokens destroyed. The <\/span>program\u2019s goal is<\/span> to reduce the circulating supply of SHIB, making it scarcer and potentially more valuable (should demand remain constant or head north).\u00a0\u00a0<\/span><\/p>\n

Currently, <\/span>there are<\/span> more than 583 trillion tokens in circulation, with 410.7 trillion already sent to a null address over the years.<\/span>\u00a0<\/span><\/p>\n

The third bullish element is the meme coin sector <\/span>that has been at the forefront of<\/span> gains lately.<\/span> The leader, Dogecoin (DOGE), is up almost 30% weekly, while Bonk Inu (BONK) and Floki Inu (FLOKI) have also seen significant increases for that period.\u00a0<\/span><\/p>\n

It is worth mentioning that today\u2019s rock star is Cat in a Dogs World (MEW), which <\/span>jumped<\/span><\/a> by double digits and hit a new all-time high of approximately $0.01. <\/span>This<\/span> happened <\/span>shortly<\/span> after the <\/span>biggest<\/span> South Korean crypto exchange, Upbit, allowed trading services with the asset.\u00a0<\/span><\/p>\n

It\u2019s Not All Roses and Sunshine<\/span><\/h2>\n

Despite the overall bullish environment, <\/span>there is<\/span> one bearish factor <\/span>that<\/span> signals a possible pullback for Shiba Inu\u2019s price. This is the SHIB exchange netflow, which <\/span>according<\/span><\/a> to CryptoQuant, has been predominantly positive in the past several days.<\/span><\/p>\n

The development suggests that a growing number of investors might have switched from self-custody methods toward centralized platforms, which, in turn, increases the immediate selling pressure.<\/span><\/p>\n

The post 3 Bullish Signs for the Shiba Inu (SHIB) Price to Watch<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

TL;DR Shibarium-related metrics have headed north lately, while SHIB\u2019s burn rate exploded by triple digits on a 24-hour scale. However, the recent shift from self-custody methods toward exchanges could be interpreted as a bearish factor for the meme coin\u2019s price. Good News for SHIB Bulls? The second-largest meme coin has performed quite well in the […]<\/p>\n","protected":false},"author":0,"featured_media":15398,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-15397","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/15397"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=15397"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/15397\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/15398"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=15397"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=15397"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=15397"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}