The crypto markets flashed signs on green on May 2, 2024 after suffering substantial losses the previous day. Shiba Inu is among the best performers of those ranking in the top 20 for market cap, registering a 5% price increase on a 24-hour scale.
One cryptocurrency analyst who is optimistic that SHIB is yet to experience a significant rally is Ali Martinez. The X user believes that Shiba Inu’s price trajectory might be forming a bull flag on the daily chart.
#ShibaInu appears to be forming a bull flag on the daily chart! I'm placing buy orders around $0.000018343, aiming for a bullish breakout that sends $SHIB to $0.000072323.
So, if you want to join me in this trade, head to @coinexcom and sign up using my referral link… pic.twitter.com/er1gE0lozV
— Ali (@ali_charts) May 1, 2024
Ali went further, admitting to placing buy orders at current rates and expecting a 300% surge to approximately $0.000072323 in the near future. Other analysts who recently envisioned a bright future for the meme coin include Rekt Capital and crypto content creator Jake Gagain. The former forecast a triple-digit price increase, while the latter maintained that fading Shiba Inu is a major mistake.
Contributing Factors
Two essential elements that might be fueling a Shiba Inu rally in the short term are the asset’s burning program and the development of Shibarium. As previously reported by Crypto Potato, the burn rate spiked by 90% on May 1, whereas the destroyed tokens throughout April equaled almost 1.7 billion. The mechanism’s ultimate goal is to decrease the tremendous circulating supply of Shiba Inu, making it scarcer and possibly more valuable in time. You can learn more about that by reading the SHIB News article over the Shiba Inu burn rate.
Shibarium has also been making great strides. The asset’s layer-2 scaling solution underwent a major upgrade last week and is set to pass through another one this week. The advancements aim at improving user experience, implementing quicker block processing times, and empowering the community of developers and innovators. Some of the primary roles of Shibarium include the reduction of transaction fees and enhancing the utility, scalability, and efficiency of the SHIB ecosystem. Keep an eye on SHIB in the future to see if Ali Martinez’s prediction comes true!