MEXCShibarium Transactions Surge 27%, What’s Next for SHIB Price?
Highlights
- Shibarium transactions have surged from 2.43 million to over 3 million in the last 24 hours.
- This is bullish for the SHIB price, which is eyeing a 100% surge.
- Other on chain metrics are still bearish for the meme coin.
Shibarium transactions have surged in the last 24 hours, providing a bullish outlook for the SHIB price. This development comes as crypto analyst Javon Marks predicted a 100% surge for the meme coin, which is still looking to break above the psychological $0.000020 price level.
What’s Next For SHIB Price As Shibarium Transactions Surge
Crypto analyst Javon Marks has predicted that the SHIB price could rally to the $0.00003 range. He stated that Shiba Inu is starting to respond to a large bullish divergence and a full recovery, and a bullish continuation can send the top meme coin back to this range, which would represent a surge of over 100%.
This comes as the Shibarium transactions surged in the last 24 hours, which is bullish for the meme coin. Shibariumscan data shows that the transactions surged from 2.43 million on May 1 to 3.1 million on May 2, representing a surge of just over 27%.
Shiba Inu’s burn rate also provides a bullish outlook for the SHIB price. Shibburn data also shows that the burn rate has surged by over 25,353% in the last 24 hours, with 26.3 million SHIB tokens burned during the period. Token burns are bullish, which could spark a price surge for the meme coin as demand skyrockets.
Onchain Metrics Are Still Bearish For The Meme Coin
IntoTheBlock data shows that other on-chain metrics are still bearish for the SHIB price. The Net Network Growth metric is still bearish, indicating that new users aren’t adopting the meme coin.
The ‘In The Money’ metric is also bearish. With 57% of holders currently out of the money, Shiba Inu is at risk of a sell-off, which could lead to a significant decline for the foremost meme coin.
Meanwhile, the ‘Concentration’ and ‘Large Transactions’ metrics are also bearish for Shiba Inu. This indicates that crypto whales aren’t accumulating SHIB at the moment. Whales play a major role in price rallies, and their lack of accumulation could derail any potential rally.
However, a positive for the SHIB price is the recent highlight of the SHIB pay as a permissionless, on-chain alternative to the traditional financial (TradFi) system.
- FOMC Meeting Today: Where to Watch and Key Expectations for Crypto Market
- Changpeng ‘CZ’ Zhao Confirms Defamation Lawsuit Plans Against Sen Elizabeth Warren
- Pi Coin Gains Another 15% As Pi Network Joins ISO 20022 For Seamless Banking Integration
- Bitwise Solana Staking ETF (BSOL) Records $69.5M Inflows on Debut, But SOL Slips
- Trump Insider Whale Reloads $430M Long on BTC, ETH Ahead of Tomorrow’s Fed Rate Cut Decision
- Can ASTER Price Rebound 50% as Whale Activity and Bullish Pattern Align?
- Pi Network Patterns Point to More Gains Despite Manipulation Claims
- HBAR Price Poised to Hit $0.30 as Canary Capital ETF Starts Trading.
- Will Solana Price Rally to $300 as Bitwise Launches $BSOL ETF?
- XRP Price Chart Patterns Hint at 2017-Style Breakout as Evernorth Acquires $1B XRP Ahead of Nasdaq Debut
- Cardano Price Eyes 80% Rally as x402 Upgrade Sparks Hope for AI Payment Expansion
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
