**Shiba Inu Burn Rate Skyrockets, Analyst Predicts 90% Price Rally**
Shiba Inu’s price has fallen 7% in the last 24 hours, following a significant pullback in the cryptocurrency market. The meme coin’s market capitalization has decreased to $10 billion, with its price currently trading at around $0.0000173.
**Factors Suggesting Potential Price Rebound**
Despite the current downtrend, two key factors indicate that Shiba Inu’s price may experience an upward movement soon. Firstly, the SHIB burn rate has increased by 252,900% in the last 24 hours, resulting in over 5.6 billion tokens being sent to a null address. This reduction in circulating supply can potentially boost the price of SHIB.
**Resurgence of Shibarium, the Layer-2 Scaling Solution**
The second bullish element is the resurgence of Shiba Inu’s layer-2 scaling solution, Shibarium. Data shows that transactions processed on the protocol reached almost 4 million on October 31, a 130% increase compared to the previous day. This increased network engagement can positively influence SHIB’s price through improved utility and market sentiment.
**Analyst Predicts 90% Price Rally**
One analyst, Clifton Fx, has identified a “bullish flag formation” on Shiba Inu’s three-day price chart. According to this analysis, SHIB’s price could skyrocket by nearly 90% if it reclaims $0.00001884. To reach this target, SHIB needs to advance by 9% from its current price.
Shiba Inu’s price movements are closely watched by investors and analysts, with its potential for significant gains making it a popular topic in the cryptocurrency space.