- Shiba Inu (SHIB) showcases a robust surge across various charts, maintaining support at $0.00001075 and charting highs at $0.00001125.
- The coin’s 14-day performance reflects an 11.9% gain, and a notable 48.55% increase over three months against the US dollar, setting the stage for an exploration of its potential long-term rally.
Shiba Inu, the popular Ethereum ERC-20 meme coin, is making waves across the 7-day, 14-day, and 30-day charts. In this article, we delve into the recent updates on SHIB’s price, exploring key indicators and three signs pointing towards a continued rally.
Support Building at $0.00001075
As of the latest data, Shiba Inu finds support at the $0.00001075 level, maintaining a sideways channel since December 22. With resistance hovering around $0.00001100, SHIB briefly surged to $0.00001125 amidst heightened trading volume on December 23. This sets the stage for a closer examination of the coin’s recent price movements.
Price Performance Over 14 Days
On the 14-day chart, SHIB’s price has demonstrated resilience, experiencing a gain of 11.9% in crypto exchange value from $0.00000965 on December 12 to $0.00001080 on December 26. Furthermore, over a three-month window, Shiba Inu has seen a substantial 48.55% gain against the US dollar, with an average trade moving SHIB tokens for $0.00000727 90 days ago.
Long-Term Rally Indicators
The article explores bullish indicators for Shiba Inu’s long-term rally, with insights from crypto insights and analytics firm Telegaon projecting a maximum price target of $0.0000571 for SHIB in 2024. Here are three compelling signs supporting this optimistic outlook:
1. Decreasing SHIB Balance on Exchanges
The total Shiba Inu balance on exchanges has witnessed a marked decline since November. Data from Swiss blockchain scanner Glassnode reveals an 8 trillion token reduction, equivalent to approximately $88 million. This reduction signals a growing intent among token owners to hold rather than sell, contributing to a scarcity of market supply and potentially commanding a premium for remaining tokens.
2. Surging Burn Rates and Layer-2 Transactions
Shiba Inu’s Layer-2 ecosystem, Shibarium, experienced a surge in transaction volume on Christmas Eve, reaching a milestone of 180 million total transactions processed. Rising burn rates further support SHIB’s price in December, as Shibarium aims to enhance scalability and reduce fees on the Ethereum blockchain through second-layer transactions and computations.
3. Shibarium’s Impressive TVL Milestone
Shibarium’s Total Value Locked (TVL) achieved a 16-week high of $1.13 million on December 22, fueled by increased transactions as users locked in tokens to provide liquidity in exchange for Shibarium rewards. This milestone underscores the growing significance of Shibarium in Shiba Inu’s ecosystem.
Conclusion
As Shiba Inu continues to ride the waves of its recent surge, the signs of a prolonged rally are becoming more evident. From decreasing exchange balances to Shibarium’s achievements, the outlook for SHIB appears promising, leaving the intriguing question of whether it will flip DOGE in 2024.
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