Shibarium Surge: SHIB Price Outlook
Shibarium, the layer-2 scaling solution for Shiba Inu (SHIB), experienced a significant surge in transactions over the past 24 hours, sparking renewed interest and speculation about the future SHIB price. This follows a prediction by crypto analyst Javon Marks of a potential 100% increase for the meme coin, which is currently attempting to break the $0.000020 resistance level.
Shibarium Transaction Surge and SHIB Price
According to analyst Javon Marks, SHIB could rally to the $0.00003 range. He attributes this prediction to a bullish divergence and recovery pattern, suggesting that a continuation of this trend could drive SHIB's price upwards. This represents a significant potential price increase.
Data from Shibariumscan shows a 27% surge in Shibarium transactions, rising from 2.43 million on May 1st to 3.1 million on May 2nd. This increase in activity is generally considered bullish for SHIB.
Further fueling optimism is a dramatic increase in SHIB burn rate. Data from Shibburn indicates a 25,353% surge in the past 24 hours, with 26.3 million SHIB tokens burned. Token burns reduce the circulating supply, potentially increasing demand and price.
Bearish On-Chain Metrics
Despite the positive transaction and burn rate data, IntoTheBlock reveals some bearish on-chain metrics. The Net Network Growth metric remains negative, suggesting a lack of new user adoption. The "In The Money" metric is also concerning, with 57% of holders currently underwater, indicating a potential for sell-offs and price declines.
The "Concentration" and "Large Transactions" metrics further dampen enthusiasm, showing a lack of accumulation by crypto whales. Whale activity significantly influences price movements; their absence could hinder any potential rally.
However, the recent launch of SHIB Pay, a permissionless, on-chain payment system, offers a potential counterpoint to these bearish signals. This could attract new users and boost adoption.
Disclaimer: This analysis is for informational purposes only and does not constitute financial advice. Conduct thorough research before making any investment decisions. Codeum is not responsible for any financial losses.
Codeum offers comprehensive blockchain security services, including smart contract audits, KYC verification, custom smart contract and DApp development, tokenomics and security consultation, and partnerships with launchpads and crypto agencies. Contact us to learn more about securing your blockchain project.