- SHIB surged over 80% in the past week.
- Whale transactions surged 565% on Shiba Inu’s network in one week.
- SHIB burn mechanism is contributing to the memecoin’s rally.
Shiba Inu (SHIB) has delivered an 80% price increase in the past week, fueling speculation about its potential in the current bull market. Analysts have highlighted key factors driving the rally, including a significant rise in whale transactions.
According to one analyst’s post on X, SHIB whale transactions spiked by 565% last week, injecting volatility into the memecoin’s price. Additionally, the Shiba Inu ecosystem burned 463 million SHIB tokens within 24 hours, reflecting a 1,837% increase in burn activity.
The analyst believes these actions combine to drive Shiba Inu’s scarcity while boosting the crypto token’s price. Analysts project further price increases due to the consistent implementation of deflationary mechanisms like the SHIB burn program and the active participation of SHIB whales.
In the meantime, efforts by the Shiba Inu team to grow the ecosystem are playing a notable role in the memecoin project’s growth. One such effort is a proposal by Shiba Inu’s lead developer, Shytoshi Kusama, asking the incoming Donald Trump administration to create a Strategic Hub for Innovation and Blockchain (S.H.I.B.). The crypto analyst considers this move by Kusama an effort to boost Shiba Inu’s global presence.
Read also: S.H.I.B. – A Blockchain Proposal For The Incoming U.S. President
SHIB surged to $0.00003044 for the first time since April, reversing a prolonged bear trend and flipping users’ sentiment to a bullish preference. The recent surge is typical of the memecoin’s movement during a bull run and has left users speculating how far the flagship memecoin can go in the current bull cycle.
Shiba Inu traded for $0.00002924 at the time of writing but is still far from an all-time high of $0.00009, which it achieved during the 2021 bull run. Many analysts consider aiming for the all-time high a tall order. However, with cryptocurrencies like SHIB, it is difficult to predict the limit of their potential, especially during an overall crypto market rally.
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