Despite a recent downturn at the beginning of October, SHIB experienced a 4% increase in price, leading some analysts to predict a possible 130% rally if key patterns are confirmed. Shibarium reached 7 million processed blocks, but its progress has slowed down recently. The second-largest meme coin, SHIB, gained attention in September when its price spiked significantly, reaching a three-month high and briefly surpassing a market capitalization of $12.5 billion. However, October brought disappointment to investors as SHIB, along with other cryptocurrencies, saw a decline, erasing previous gains.
In the past 24 hours, SHIB’s price showed enhanced volatility with a 4% increase as the entire meme coin market experienced a revival. Analysts like Yoddha believe that SHIB’s price pattern, forming a triangular shape, may lead to a 130% rally if broken to the upside. Factors such as the increased burn rate, signaling scarcity, and higher whale activity in large transactions, indicate potential price growth. Additionally, the progress of Shibarium, a layer-2 scaling solution for SHIB, could play a role in the coin’s price increase, despite recent slowdown in network utilization. Keep up with the latest updates on the SHIB ecosystem, including news about Shibarium.
