SHIB Price: Top 3 Reasons Why SHIB Is Primed For A Rally

Highlights

According to market experts, SHIB price is poised for a rally despite the recent setback.
The recent developments in the Shiba Inu ecosystem signals at a potential rally ahead.
Shiba Inu price dipped over 4% amid broader market downturn.

The dog-themed Shiba Inu coin has been on the investors’ radar lately, especially amid a meme coin frenzy. However, amid the recent downturn momentum noted in the broader crypto market, the meme coins also noted significant dips. Despite that, there are some potential factors that could trigger a rally in the Shiba Inu price in the coming days.

3 Reasons To Trigger Shiba Inu Price Rally

Amid the recent dip in SHIB price, let’s explore the potential reasons that could fuel a price surge in the meme coin.

Technical Analysis

The recent technical indicators signal a potential rebound in the SHIB price, sparking market optimism. For context, in a recent analysis, prominent crypto market analyst Ali Martinez shared a potential bullish momentum for the Shiba Inu coin in the coming days.

Ali Martinez, in a recent post on X, said that the recent TD Sequential chart indicates that the Shiba Inu coin is likely to witness a positive momentum in the coming days. In addition, he also said that the chart shows a “buy signal” on SHIB’s daily chart.

This analysis has bolstered market confidence while sparking discussions over a potential surge in the SHIB price.

Shiba Inu Price Technical Analysis — Source: Ali Martinez, X

Also Read: Shiba Inu Exec Spotlights BONE Listing In Indonesia, Price To Rally?

Shiba Inu Coin Burn Rate Frenzy

The Shiba Inu burn rate has increased significantly over the past few days, removing a massive amount of SHIB from the supply. This burning move is usually seen as a positive move, as it typically decreases the overall supply which in turn leads to a surge in the crypto prices.

However, in the last 24 hours, the SHIB burn rate noted a slump of 62.5%, with 39.87 million SHIB burnt. Despite that, the weekly burn rate skyrockets 667.17% to 398.53 million SHIB, indicating the increasing participation of the SHIB community significantly decreases the overall supply.

As of writing, the total circulating supply of SHIB was 583.18 trillion, with 410.72 trillion tokens burnt from the initial supply.

Reduced Supply In Exchange Wallets

A recent report from on-chain analytics firm, Santiment, showed that Shiba Inu, Chainlink, and Ethereum have noted significant dip in supply from the top 10 exchange wallets. As per the report, SHIB’s supply reduced by 2.4%, while LINK and Ether’s supply slipping 2.9% and 8.9%, respectively.

Usually, these decreases in exchange reserves supply signals a bullish momentum for the cryptos. Considering that, along with the robust burn rate, market experts anticipate a potential surge in the SHIB price.

Shiba Inu, Ethereum, Chainlink Exchange Supply — Source: Santiment, X

SHIB Price & Performance

Despite all these positive indicators, Shiba Inu price fell 4.69% to $0.00002077, while its trading volume rose 42% to $476.37 million in the last 24 hours. From yesterday, the leading meme coin has touched a high of $0.00002076 and a low of $0.00001965, indicating the volatile scenario in the digital asset space.

On the other hand, the Shiba Inu Open Interest also noted a slump of 8.90% to $75.5 million, CoinGlass data showed. Besides, the SHIB’s relative strength index (RSI) stood around 36, which reflects the ongoing selling pressure over the meme coin.

However, it’s worth noting that the price dips, and a lower RSI often allows investors to buy at a lower price, potentially bumping up the prices.

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Rupam Roy

Rupam is a seasoned professional with three years of experience in the financial market, where he has developed a reputation as a meticulous research analyst and insightful journalist. He thrives on exploring the dynamic nuances of the financial landscape. Currently serving as a sub-editor at Coingape, Rupam's expertise extends beyond conventional boundaries. His role involves breaking stories, analyzing AI-related developments, providing real-time updates on the crypto market, and presenting insightful economic news. Rupam's career is characterized by a deep passion for unraveling the complexities of finance and delivering impactful stories that resonate with a diverse audience.

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