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Shiba Inu Price Expected to Rise Due to Burning Program and Shibarium Network Developments

24/03/2024 14:39

KNIGHT

1.21%

According to CryptoPotato, Shiba Inu analysts remain optimistic about the cryptocurrency's future, expecting new peaks fueled by the asset's burning program and developments in the Shibarium network. Shiba Inu's price increased by approximately 9% this week after several weeks of trading on the downside. Numerous analysts predict significant rallies in the near future. Crypto investor and trader SHIB KNIGHT analyzed Shiba Inu's weekly performance, stating that the token had surpassed an important resistance level. The analyst believes that people have been accumulating SHIB recently, and if they continue buying at the same pace, new peaks in valuation could be achieved. Earlier this month, TradingView analyst Xanrox predicted that Shiba Inu would 'definitely' take off later this year, suggesting that the 0.618 FIB retracement level at 0.00002249 would be a great level to buy Shiba Inu. Other analysts, such as JAVON MARKS and Ali, also shared their opinions. MARKS forecasted a triple-digit price increase based on the 'massive strength' that SHIB has shown earlier this year, while Ali was less bullish, suggesting a 40% surge is more likely. Two essential factors that could positively impact the meme coin's value are the successful execution of the burning program and the further advancement of the layer-2 blockchain solution Shibarium. As reported by CryptoPotato, the burn rate increased by 500% on March 21, and total transactions on Shibarium crossed the 400 million mark.

Bullish

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