Shiba Inu (SHIB) is garnering increasing attention with bullish indicators piling up. From token burns to the rise of Shibarium and a promising technical setup, this memecoin could be poised for a spectacular surge. Is an imminent price explosion on the horizon?
The data shows that the Shiba Inu burn rate has increased by 30% in recent days, reaching 2.01 million tokens in 24 hours. In total, over 410 trillion SHIB have been burned since the launch of the cryptocurrency.
This mechanism of voluntary burning, combined with tokens destroyed through fees on the Shibarium network, helps reduce the total supply of SHIB. This increased scarcity bodes well for the token’s valuation, potentially initiating a significant rebound in the weeks ahead.
Simultaneously, the Total Value Locked (TVL) on the Shibarium network has surged by 24% in the last month, reaching $2.5 million. This growth is also evident on major DeFi platforms related to the Shiba Inu ecosystem, such as ShibaSwap (+37%), WoofSwap (+31%), and ChewySwap (+20%).
Shibarium Network TVL. Source: DeFiLlama
This momentum reflects the growing enthusiasm for decentralized applications built on Shibarium. Increased adoption of this Layer 2 network is expected to strengthen investor interest in Shiba Inu, driving prices higher.
Technically, Shiba Inu also shows promising signals. Despite being under pressure at present, it remains above a key support level at $0.00001235. This level has played a crucial role in recent months, serving as a solid price floor.
Source: TradingView
Furthermore, Shiba Inu has formed a “descending triangle” pattern on its daily chart. This technical pattern is generally seen as a bullish continuation signal. Breaking above the resistance at $0.00001560 could trigger a rally towards $0.00002215, representing around a 75% increase from current levels.
With the acceleration of SHIB burns, the rise of Shibarium, and a favorable chart setup, Shiba Inu appears well-positioned to bounce back in the coming weeks. Informed investors should keep a close eye on this memecoin that could make headlines.
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