Shiba Inu has gained a massive 32% recently, over leading coins, including Bitcoin, Ethereum, Dogecoin. Backed by ecosystem growth, SHIB has broken out of a flag pattern.
Additionally, whale accumulation and a 544% spike in burn rate have pushed it further. SHIB may now be looking at a 400% rally ahead.
Shiba Inu Outperforms Competitors with Strong Monthly Gains
Over the past 30 days, Shiba Inu exceeded its key rivals in the cryptocurrency market, rising by 32%. Whereas Dogecoin rose by 6.97%.
– Advertisement –
The following chart displays an uptick in marketplace interest in the token.
Whale Activity and Burn Rate Contribute to SHIB’s Growth
Data from santiment shows that SHIB has also seen a big uptick in the Large Holders Netflow metric, which suggests that whales (large scale investors) are building their positions.
Whale activity of Shiba Inu has increased by 360%, and it is ranked third. An accumulation by large players creating the token implies a bullish future for price.
The increase is not just in whale activity. Shiba Inu’s burn rate has soared with over 5.1 million SHIB tokens burnt on October 6th alone, a whopping 544% rise.
This burn mechanism serves to shrink the circulating supply and if there are not enough coins to circulate that same supply could contract thereby increasing price.
SHIB has Broken the Flag Pattern, Could we See a 400% Surge
The chart shows that Shiba Inu has broken out of a flag pattern, which indicates the potential start of a bullish phase. Given the breakout from the falling wedge pattern and the strong support at $0.00001560, there is a strong possibility for SHIB to rise by 400% towards $0.00006.
However, this bullish outcome depends on the coin’s ability to maintain above its support levels and clear the first resistance zone at $0.0000220.
If the bulls can maintain control, with also the Relative Strength Index (RSI) steadily climbing towards the 63.5 this breakout could serve as the catalyst for SHIB to reach its ambitious target.
Expanding Ecosystem Boosts Appeal
Shibarium, Shiba Inu’s Layer 2 blockchain has also been instrumental in developing the ecosystem. Shibarium has over 3,000 daily transactions and consistent token burns that help to strengthen long term prospects for SHIB in the crypto market.
Projects such as the new Web3 game, Shiboshi Rush, also help strengthen its appeal, bringing in new users and investors. Shiba Inu ensures that it stays competitive in the meme coin market by combining ecosystem development with community engagement.
Shiba Inu Recognized for Charitable Contributions
For any meme coin, SHIB has become one of the big names when it comes to leading charitable donations with its community continuing to contribute to multiple social causes.
Apart from serving as speculative trading, Shiba Inu has shined on philanthropy efforts, making the coin stand out as one of the few meme coins in the space.showing how the coin could transcend only speculative trading.
This commitment to charity has helped Shiba Inu bolster its reputation as a symbol of financial empowerment and goodwill.
