- Shiba Inu (SHIB) might soon soar to an 8-month pinnacle, rallying around the $0.0003 mark.
- Recent burning of 164 million SHIB tokens and escalating transactions on the Shibarium network might catalyze this surge.
Analyst Signals Potential Breakout for Shiba Inu
Shiba Inu, the meme-inspired cryptocurrency, has been holding steady, with indicators hinting at a potential surge in its value. Noted crypto analyst, $SHIB Knight, recently took to microblogging platform X (previously known as Twitter), postulating that SHIB might soon touch an 8-month zenith. Deductive analysis points to the cryptocurrency having bottomed out in its current trend, setting the stage for a likely upswing.
$SHIB hold this support line all the time. This should be the bottom.
Chart is squeezing, accumulation coming to an end. Let's see. pic.twitter.com/q8q1ZeZo9Y
— $SHIB KNIGHT (@army_shiba) October 4, 2023
A striking element bolstering this prediction is the reported burn of 164 million SHIB tokens within a mere 24-hour window. For the uninitiated, “burning” in the crypto realm refers to the intentional dispatch of tokens to inaccessible wallets, ensuring their effective removal from active circulation. When demand surges against a backdrop of diminished supply, price escalation becomes probable.
This upward price trajectory conjecture finds further support from the Shibarium network, Shiba Inu’s layer-2 scaling solution. Recent statistics gleaned from the Shibarium network explorer, Shibariumscan, indicate a new zenith in transaction levels. Barely after its reactivation, the network recorded a staggering 3.2 million transactions and processed more than 860,000 blocks.
Integration into Mainstream Commerce
The rise of Shiba Inu has also been evident in its permeation into mainstream commerce. Just last year, TAG Heuer, the historic Swiss luxury watchmaker with a legacy spanning 162 years, incorporated SHIB and DOGE among the crypto payment methods for its offerings. Such inclusions by established brands underscore the growing acceptability of Shiba Inu in conventional marketplaces.
Furthermore, in a recent move illustrating the expanding applicability of cryptocurrencies in practical finance, FCF Pay declared that HSBC clients can now settle their mortgage and loan bills using a slew of cryptocurrencies, Shiba Inu (SHIB) being a notable inclusion alongside stalwarts like Bitcoin (BTC) and XRP.