Many analyzes stand out for Shiba Inu (SHIB), one of the most popular cryptocurrencies. Here are a few critical predictions…
Improvement signals for Shiba Inu price
According to Lockridge Okoth, a cryptocurrency analyst, the Shiba Inu (SHIB) is trying to recover as it continues its daily burns. With a steady stream of burns, the weekly amount of SHIB meme coins removed from circulation has reached billions. The Shiba Inu (SHIB) price is on the rise as the Shibburn tracking service reported that 2,726,655,616 tokens were burned last week. According to a recent tweet, this number of SHIBs is almost 50 percent of what the SHIB army was able to send to dead-end wallets the previous week, when it removed five billion tokens from circulation. It is noteworthy that the destruction of so many SHIBs reduced the incineration rate by almost 23 percent compared to those burned on May 26.
Shibarium marked another milestone earlier this week when the beta test version of its layer-2 network Shibarium reached another major milestone. According to data provided by Puppyscan, the number of wallet users connected to Puppynet exceeded 16 million at the time of this writing, at 16,030,842. With these figures, cumulative transactions approached 13 million with 12,837,402. These impressive numbers are part of a commitment to the community by the creators of Shibarium to “implement incredibly low fees and fast transactions on the Layer-2 network.” Accordingly, the number of wallets participating in the Shibarium beta continues to increase.
Shiba Inu (SHIB) price is trading with a bullish bias on the 12-hour time frame as the bulls force it to break above a downtrend line. Meme coin rebounded at $0.00000831 and moved higher towards the $0.00000885 resistance level. A decisive daily candlestick close above this level will solidify the uptrend. In a bullish case, the SHIB could tag the 200-days EMA at $0.00001074, which marks a 25% increase from the current position.
Can SHIB see $1 in a year?
The Shiba Inu is currently trading at $0.00000848 with an extra “zero” added to the indices at the beginning of May. According to analyst Vinod Dsouza, its price is mostly moving backwards from forwards in Q2 2023, causing investors to take losses. In addition, investors are skeptical about buying the dips for fear of another crash. The probability of the Shiba Inu reaching $1 next year is currently close to impossible. For SHIB to reach $1, 99 percent of its supply needs to be burned and there are approximately 600 billion tokens in circulation.
Currently, no incinerator can send trillions of Shiba Inu tokens to a dead wallet. The only realistic possibility is for SHIB to erase its ‘fifth zero’ at the next rally and trade four ‘zeroes’. If the markets rally and enter the bullish zone, a rally could cause the SHIB to erase only one or two zeros. This can only happen if Shibarium burns trillions of tokens each year, making SHIB rarely available.
Artificial intelligence also predicted SHIB price
According to AI platform PricePredictions, SHIB will likely hover around $0.000008544 on June 1, 2023. This marks a slight decrease compared to the current trading value of $0.0000086. Therefore, according to the AI price model, the price of SHIB will continue to stay range-bound and trade in a narrow band over the next few days.
According to on-chain data, the price of the Shiba Inu currently has slight room to rise. The next main resistance is only around $0.000009. This is the average price at which 24.38 thousand addresses collected 23.2 trillion SHIB tokens.
