Shiba Inu (SHIB) Eyes a Major Boost to $0.0002 as Shibarium Hits 11M Blocks Milestone

Thanks to its community-driven movement, Shiba Inu (SHIB) continues to propel the meme coin culture.

Crypto Joe, a market analyst, anticipates a substantial surge for Shiba Inu (SHIB), potentially reaching the critical psychological price level of $0.0002.

As the second-largest meme coin, Shiba Inu is already a prominent force in the cryptocurrency domain. However, the coin could be poised for even greater heights.

Analyst Anticipates 17X Gains for Shiba Inu From Deep Sell Zone

Examining the coin’s technicals in a recent analysis, Crypto Joe observed, “We’re sitting in a strong buy zone here, and they’re making a big move soon.”

This strong buy zone is expected to generate high demand for the meme coin, aiding its ascent to $0.23.

Crypto Joe explained, “We’re in a strong buy zone here, and they’re making a big move soon. Why not a 17 X for SHIB? We’re sitting in a strong buy zone, and a big move is coming soon.”

According to on-chain metrics provider Alts King, Shiba Inu is currently trading at $0.014, showing notable upward momentum. Rising investor interest and increasing market activity highlight the potential for a continued rally, with a possible target of $0.025 in the near term.

Alts King said, “SHIB is currently trading at $0.000014, showing notable upward momentum. After hitting lows of $0.0000063 in December 2022 due to broader market weakness, SHIB has since recovered swiftly, rising more than 100% from the December lows.”

He added, “This recovery is fueled by rising investor interest, evident in the substantial increase in SHIB’s search volume on Google Trends over the past six months. As investor interest grows, so does market activity, with rising trading volumes and liquidity in SHIB derivatives on exchanges.”

Shiba Inu’s bullish momentum might be further ignited by Shibarium’s recent achievement of the 11 million block milestone. Shibarium is Shiba Inu’s Layer 2 network known for its speed, scalability, and efficiency.

Shiba Inu Open Interest Rises 9.28%

SHIB’s on-chain metrics remain bullish, given that the meme coin’s open interest is up by 9.28% to hit 212.93 million, according to Coinglass data.

This demonstrates that Shiba Inu is witnessing increased market activity and liquidity.

Moreover, the meme coin’s burn rate has gone through the roof after recently skyrocketing by 17,930%.

This shows that Shiba Inu’s scarcity continues to explode, as well as positive investor sentiment, reduced supply pressure, and increased community activity.

As the meme coin’s burn rate surges, it can lead to lower supply.

Generally, lower supply with steady demand can lead to higher prices over time.