The memecoin market correction has unfolded on the positive side for Shiba Inu. One of the largest crypto exchange in India, WazirX took to twitter to share that Shiba Inu has become the most traded crypto on its platform. The others being Bitcoin, Dogecoin, Pepe and Ethereum.
Though this is not the first time the cryptocurrency has seen such high volumes, yet it seems as a victory when most altcoins have been bleeding in April.
Memecoins had a fantastic rally in 2024. Most of these memecoins were able to boost their price several times and hence their market cap too. Dogecoin went 2.5x, Bonk went 3x, Shiba Inu went 6x and dogwifhat made a superb 14x rally.
Though the bullishness might be completely or overwhelmingly based on euphoria, yet it managed to attract a lot of investors. Top crypto analyst like Arthur Hayes even went to the extent of saying that it was because of memecoins that new investors and developers were attracted to crypto.
Despite all these, several analysts are still predicting that the memecoin rally isn't over yet. There are still bullish targets of $0.35 (almost 3x) for Dogecoin, the market leader among memecoins.
Hence, for all these reasons investors are still expecting another rally in Shiba Inu.
At press time, Shiba Inu has been trading around $0.000024, which means for a dollar, you get 41 thousand 666 Shiba Inu tokens.
Now, whatever the current narrative be, we should never forget that these currencies became popular because people saw them as a way for their "rags to riches" plan. And to be honest, most of the investors still do. This is why we see questions like "When will Shiba Inu Reach $0.01?" more often than others.
Also, at this price, more people are willing to invest a few dollars and forget for a while. The low price feels like small change that people can invest and ignore.
Even if we ignore other cryptocurrencies like Bone in the Shiba Inu family, the real backbone of its ecosystem is the Shibarium blockchain. Not only it is a Layer-2 scaling solution for Ethereum, but it also offers Ethereum like functionality like Dapps, DeFi, and Layer-3. Imagine this as a clone of Ethereum, several times cheaper.
Additionally, buying Shiba Inu and keeping your investments in a Shibarium-supported wallet is a much cheaper option than Ethereum. Also, since Shibarium is an EVM-compliant blockchain, you could easily add it to your MetaMask.
Honestly, if it were not for Shiba Inu's burn schedules and spikes in burn rate, not many would have been interested in the cryptocurrency. Burning $SHIB tokens helps restrict the supply of Shiba Inu which then helps alleviate its price.
Moreover, with an automated burning, Shiba Inu users do not have to wait for its team to burn tokens. Automated burns helps decrease the token supply in a far more automated, consistent and reliant way.
The price of the memecoin has been in a long-term descending triangle since 2 March 2024. The price has tried to break out several times in the past but has repeatedly failed. However, the triangle will soon end by the 30 May 2024. Given the resurgence of bull markets, there are serious possibilities that the price may break out. If it does, then we might soon witness another fresh leg of rally by the end of May.
Given its price history in 2024, the targets after a breakout might even reach $0.000045 soon.
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