Despite the recent correction in the crypto market, several indicators suggest that the popular memecoin Shiba Inu (SHIB) could be poised for a rebound. Discover the 3 most determining factors.
Shiba Inu about to take off
Shiba Inu enjoys the support of an extremely active and passionate community. It ranks as the most popular memecoin on social media, ahead of its direct competitors Dogecoin and Pepe Coin.
According to LunarCrusha company specializing in social data analysis, excitement around SHIB has intensified recently, which is often a harbinger of renewed investor interest.
Additionally, Shiba Inu's LunarCrush AltRank, a composite indicator that takes into account trading volume and social buzz, scores an impressive 2, up from 98 previously. This meteoric progression testifies to the positive dynamic that is taking place around the SHIB crypto.
THE data on-chain data provided by CryptoQuant reveal another encouraging signal. Over the past seven days, significant amounts of SHIB have been removed from major crypto exchanges and placed into personal wallets.
This transfer of tokens from centralized exchanges to self-custody solutions is generally considered a bullish factor. Indeed, it reduces short-term selling pressure on the market by limiting the supply of tokens directly available for sale.
Technological advances and supply reduction
Beyond the social aspect, two fundamental developments reinforce Shiba Inu's upside potential. First, the SHIB token burn program has seen a dramatic acceleration. In March, the team removed more than 15.5 billion tokens from circulation, an increase of 2,300% compared to February. This aggressive reduction in supply mechanically creates buying pressure on the price of crypto.
Second, Shibarium, SHIB's blockchain scaling solution, continues to make progress. On April 3, the total number of validated blocks on the network crossed the 4 million mark. The advancement aims to propel SHIB above its rivals by reducing transaction fees and improving execution speed.
In short, all the lights are green for Shiba Inu. Social unrest, favorable crypto market dynamics, massive token burning, and Shibarium's progress are all catalysts that could propel the SHIB price to new highs in the near future. Savvy investors are keeping a close eye on these promising developments.
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