- Shiba Inu has been declining in price in 2023, but there is some bullish sentiment surrounding the coin due to the upcoming Shibarium upgrade.
- An analyst believes that Shibarium could lead to a 150-180% increase in the price of SHIB.
- Binance has recently announced that it will be adding SHIB to its Flexible Loan and VIP Loan services. This could lead to increased demand for SHIB and further price appreciation.
- The burn rate of SHIB has declined in recent days.
Shiba Inu, now more than ever, is poised for a massive price increase. The cryptocurrency has spent the better part of 2023 cancelling most of the gains it made from January to February and is down by a whole 45.5% from its $0.0000158 year-to-date high.
However, it might be time for SHIB to rise again, and the market couldn’t be more prepared.
In the next few sections, we will go over what is truly going on with Shiba Inu, and what you should expect as the days roll by.
We will go over on and off-chain metrics, as well as how far the Shiba Inu development team has gone with the launch of Shibarium.
At the end of the day, you should have a pretty good idea of where to open and close trades, as well as what to expect from SHIB soon.
Shiba Inu Price Action In A Nutshell
In 2023, Bitcoin (BTC) has increased by over 76%, whilst Shiba Inu has only been able to increase by 5.7% (owing to the massive dip from February until date).
Unless you count the minor price increases the memecoin has enjoyed throughout the year, SHIB has been declining for most of 2023.
CoinMarketCap data shows that Shiba Inu is bullish by 4.35% over the last 24 hours at the time of writing, and by 3.75% over the last 7 days.
However, things may be ready to change for SHIB very soon. Could it be this memecoin’s time to sail to the moon?
The Shibarium Buzz
The value of the Shiba Inu may be ready to change drastically on the positive side, due to the Shibarium buzz among meme coin enthusiasts.
This August, Shibarium, a fresh and creative upgrade to Shiba Inu, will hit the mainnet, and provide solutions to Shiba Inu’s current sluggish transactions and network congestion.
Investors and enthusiasts are waiting eagerly for this upgrade, and several analysts have even posted opinion pieces as to how this upgrade may affect SHIB’s price:
Begging the question:
How far up would SHIB have gone by the end of August?
What Is The Most Realistic Target For SHIB In August?
We can make a few conclusions from Shiba Inu’s charts.
Ever since Shiba Inu broke the $0.00000832 zone to the underside, sometime around early June, it has tried and failed to get back above.
However, it appears that the memecoin may have now succeeded. This explains the 4% rise today alone.
Shiba Inu’s rise above the $0.0000832 zone opens the door to several unlimited possibilities; the first of which is its 2023 high, around $0.00001576.
What’s a realistic target for SHIB?
To put things simply, it wouldn’t be an overstatement to say that SHIB might hit $0.00001576 soon, in a whole 85% move to the upside.
Leading to the next section, which features a slightly more ambitious prediction for SHIB – Can Shiba Inu hit $0.000025 soon?
Analyst Predicts 180% Increase On SHIB
World Of Charts, an analyst on Twitter has shared an interesting piece about Shiba Inu via a tweet.
In the tweet, the analyst noted that $SHIB was now breaking out of a falling wedge formation while gathering “Decent Volume”.
The analyst went further to mention that he expects a significant breakout, followed by a 150–180% bullish surge if all goes well.
World Of Charts’ analyses was also backed, somewhat, by another from AltFins.
The only difference is that AltFins describes this formation as an Ascending triangle instead of a falling wedge.
Altfins puts their price target somewhere around the 200-day Moving Average ($0.000010), which is a lot safer than $0.000025.
However, it might be sensible to take both analyses into account and target both price stops (in case SHIB surprises us all and breaks through $0.00001 – $0.000015)
Meanwhile, Binance’s Latest Announcements May Explode SHIB
The largest centralized crypto exchange in the world, Binance, recently published a new announcement on Friday.
According to the announcement, the crypto Exchange is expanding its Flexible Loan and VIP Loan services to include 22 more loanable assets and additional collateral assets.
As it turns out, top cryptocurrencies including Shiba Inu (SHIB), Compound (COMP), and Theta Network (THETA) were selected.
The coming SHIB update may lead to the BONE token being listed on Binance.
Let’s not forget that BONE was also listed on many cryptocurrency exchanges following the introduction of the Shibarium testnet PuppyNet.
These exchanges include OKX, Huobi, and Crypto.com, and Binance may join the list soon if Shibarium indeed debuts in August.
However, Not Much SHIB Is Being Burned These Days
Despite the bullish price predictions on SHIB, however, there has been a noticeable decline in the memecoin’s burn rate.
According to Shibburn.com, not much SHIB is being burned these days.
The website even shows that over the last 24 hours, the burn rates have even declined by 58.93%.
Is this one of the effects of the upcoming SHIB upgrade, or is this something to be cautious of? Time will tell what exactly is going on with SHIB, as the end of the month continues to approach.
Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.