Dogecoin‘s (DOGE) popular rival Shiba Inu (SHIB) once again caused excitement among investors and enthusiasts. Following intriguing hints from the closely followed anonymous crypto analyst Lucie, speculations of a potential strong price surge for SHIB began to emerge. With the latest developments driving the cryptocurrency market upward, claims of another major rally for Shiba Inu started to surface.
SHIB Predicted to Surge by 800%
Historically, Shiba Inu has shown a tendency for notable price movements, and Lucie‘s prediction of an 800% price increase indicates that a serious upward trend is on the table. Drawing parallels with SHIB’s 800% surge within a week during the 2021 bull run, Lucie believes that another major rally could be approaching, especially considering the consistent increase in token burn rates lately.
As Lucie points out, the continuous increase in Shiba Inu’s token burn rate, combined with significant whale activity, contributes to the momentum behind the altcoin’s potential rally. The regular continuation of Shiba Inu’s token burns, which removes millions of SHIB from circulation, is quite significant for the supply-demand dynamic.
On the other hand, data from the on-chain data provider Lookonchain reveals that crypto whales have recently been selling a significant portion of their Pepe‘s (PEPE) and using the proceeds to purchase SHIB, indicating a trend towards investing in SHIB.
Shiba Inu’s inclusion in the ongoing memecoin rally alongside popular counterparts like Dogecoin, Bonk (BONK), Floki (FLOKI), and Pepe is a result of the growing interest in memecoins in the crypto market. As observed by the on-chain data provider Santiment, the social dominance of these memecoins can be quite useful in predicting peak periods, and being far from the peak suggests more potential for price increases.
Technical Barriers Ahead of the Rally
Despite the influx of investors caught up in the memecoin rally, Shiba Inu faces key resistance levels as it climbs toward $0.00002. Investors are eagerly awaiting a breakthrough, especially as technical indicators like RSI and MACD point to ongoing momentum and potential buying opportunities. However, uncertainties related to Shiba Inu’s token burn rate, which has seen significant price movements in recent days, also persist.
As the month progresses, investors and traders seem set to continue focusing on memecoins in pursuit of further price increases and potential peak signals. This suggests that interest in SHIB, the second-largest memecoin, will continue.
