3 reasons Shiba Inu price may skyrocket 60% soon

The price of Shiba Inu (SHIB) has been on a steep decline this year, with its market cap dropping to $7.4 billion. However, there are signs that SHIB could soon recover and grow significantly. Here are three key reasons that support this view:

Increased Token Burn Mechanism
Recently, the number of SHIB tokens being burned has spiked. According to ShibBurn, the burn rate has increased by more than 62,000% in the past 24 hours, with a single transaction destroying nearly 460 million SHIB tokens. In total, more than 410 trillion SHIB tokens have been burned since the project began, reducing the circulating supply to approximately 584 trillion tokens. This reduction in supply could put upward pressure on the price of SHIB in the future.

Ecosystem Development and Real-World Applications
The upcoming launch of Shibarium, a layer 2 blockchain upgrade for the Shiba Inu ecosystem, is expected to boost the value of SHIB. Shibarium aims to make it easier to trade SHIB-related tokens and create a platform for developers to build and deploy new projects. In addition, expanding practical use cases for SHIB, such as payments at major retailers or use in social media platforms, could increase the demand and value of the token.

Positive Technical Signals

Technical analysis shows that SHIB is forming a falling wedge pattern, which is often considered a signal for a strong bullish breakout. The current key support level is $0.00001260, which coincides with the lows in July, August, and September of last year. If SHIB breaks through this resistance, the next price target could be $0.000020, which represents a gain of about 60% from the current price.

In short, with the enhanced token burning mechanism, ecosystem development, and positive technical signals, SHIB has the potential to recover and achieve significant growth in the coming time. However, investors should be cautious and do thorough research before making an investment decision.