Shiba Inu (SHIB) They may soon enjoy a big rally as several on-chain metrics paint a bullish picture for the meme character. These metrics include daily activities on layer-2 network Shibariumindicating that Shiba Inu adoption is on the rise again.
Shiba Inu Can Enjoy Big Rally With These Bullish Metrics
A significant price increase may be on the horizon for a meme character with bullish metrics like daily trading on Shibarium. The data from Shibariumscan shows that the daily sales of Shiabrium on September 19 reached 11,360, which is a significant increase from 3,090 the previous day. The 11,360 daily payments recorded that day also represent the highest number in over a month, as network activity it’s stuck for a while now.
However, this is growing Daily sale of Shibarium it shows that investors are returning to the Shiba Inu ecosystem, which could help fuel this rise in the price of the meme character. In addition, the increase in daily transactions is accompanied by Lowering the Fed ratewhich boosted investors’ confidence in allocating more money to risky assets like SHIB.
Therefore, this can lead to a greater adoption of the Shibarium network, and the daily transactions that are likely to continue to rise. Increased network activity is also important as this can lead to more Shiba Inu is burningeventually impacting the value of the meme coin as more coins are taken out of circulation.
The Layer-2 network already uses an automatic burn mechanism where some network payments are converted to SHIB and burned. Therefore, increased network activity means more transaction costs and Shiba Inu tokens burned.
The ‘In The Money’ Metric Is Back Bullish
Other Shiba Inu metric what has changed is the ‘In Money’ metric, with the number of SHIB holders currently making rising profits. This is good as the meme coin may face less selling pressure, where investors are more confident about holding on to profits. Owners running at a loss are always quick to sell to cut their losses.
The In the Money metric also shows that the meme coin may face less resistance as it continues its upward trend. A few Shiba Inu is talking bought the meme coin at levels above its current price, indicating that it should face less selling pressure as its price rises. The majority Shiba Inu is talking bought the coin at the key price level of $0.000010, which SHIB has retested multiple times and confirmed as support.
Can a Shiba Inu reach $0.00004?
These metrics prove it Shiba Inu it can reach $0.00004 as it provides a bullish view for the meme coin. In addition, from a technical analysis point of view, crypto analysts like Javon Marks have highlighted how the meme coin looks ready to explode. Predicted marks meme coin can go up to $0.00008.
Meanwhile, crypto analyst Pat said that the higher time frame charts on meme coins are starting to look “bloody lovely.” He used the Shiba Inu as an example, showing that the meme coin could rise to the $0.00004 range if it could confirm a deviation from the chart.
At the time of writing, Shiba Inu is trading at around $0.000014, down more than 2% in the last 24 hours, according to the report. the data from CoinMarketCap.
The featured image was created with Dall.E, a chart from Tradingview.com