SHIB Joins The Bullish Party 

Shiba Inu (SHIB) price has been slow to join the rally but existing signs show that the meme coin euphoria surrounding tokens like Pepe Coin (PEPE), Floki Inu, and Dogelon Mars is starting to trickle in.

The second-largest meme coin has rallied 4% in 24 hours and 12% in seven days to trade at $0.000007667 on Wednesday.

This run-up although small compared to movements in Bitcoin price to $35,000, Solana price to $32, and Pepe Coin to $0.000001146, has elevated Shiba Inu to sit above two key levels — to be discussed in a bit.

Shiba Inu’s Scaling Protocol Shibarium Wallets Hit 1.25M

Shibarium, an Ethereum Layer 2 protocol dedicated to the Shiba Inu ecosystem continues to see tremendous growth following a challenging launch in August. According to the Blockchain Explorer, so far the protocol has completed 1.325 million blocks at an average block time of 5 seconds.

Wallets created on the network have increased to 1.25 million, processing more than 3.5 million transactions. As a Layer 2 scaling protocol, the cost per transaction is expected to be significantly low compared to the main Ethereum network and currently average at 1.81 Gwei. Daily transactions average around 12.68k.

Meanwhile, as Shiba Inu price charts the path to $0.00001, the SHIB burn rate is on a downtrend, down 72% in the last 24 hours to 28 million tokens. The token burn program is essential for the token which has a massive total supply of 589 trillion.

Shibarium will also contribute to the token burn program, with roughly 70% of the transaction fees on Shibarium utilized in burning SHIB. According to projections shared by CoinMarket Cap, Shibarium could help the Shiba Inu ecosystem burn 111 trillion SHIB every year, approximately 20% of the circulating supply.

Can Shiba Inu Price Bullish Comeback Hit $0.00001

Shiba Inu is holding above two crucial levels; the 21-day Exponential Moving Average (EMA) (red) and the ascending trendline on the daily chart. If the uptrend holds in the coming sessions, higher support could emanate with the 100-day EMA (blue).

A buy signal from the Moving Average Convergence Divergence (MACD) upholds the bullish outlook, implying that the uptrend is in its initial stages, hence the gap to $0.00001 could close before the end of the week.

A daily close above the 100-day support at $0.00000768 would encourage more traders to consider buying SHIB without worrying about sudden capitulation. In that case, profit-booking could start at the 200-day EMA (purple) but highly bullish traders may want to hold onto the uptrend for gains above $0.00001.

On the other side of the coin, the ascending trendline — now support will ensure that Shiba Inu retains the bullish outlook. However, if losses intensify, SHIB could dip further down to swipe liquidity at the 21-day EMA or the double-bottom support around $0.00000676.

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John is a seasoned crypto expert, renowned for his in-depth analysis and accurate price predictions in the digital asset market. As the Price Prediction Editor for Market Content at CoinGape Media, he is dedicated to delivering valuable insights on price trends and market forecasts. With his extensive experience in the crypto sphere, John has honed his skills in understanding on-chain data analytics, Non-Fungible Tokens (NFTs), Decentralized Finance (DeFi), Centralized Finance (CeFi), and the dynamic metaverse landscape. Through his steadfast reporting, John keeps his audience informed and equipped to navigate the ever-changing crypto market.

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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.