- • The upcoming launch of TREAT and reduced Shiba Inu holdings on exchanges signal ecosystem growth and lowered selling pressure potentially driving a price rally.
- • Over 446 billion SHIB were burned in 2024 highlighting consistent efforts to reduce supply and enhance value.
- • The InTheMoney indicator measuring the change in the number of SHIB investors currently sitting on paper profits has risen by 110%, entering bullish territory.
The Shiba Inu (SHIB) cryptocurrency has captured the attention of many in the crypto space, showing promising signals that hint at a potential price rally in the near future. The popular meme coin has shown remarkable resilience amidst market fluctuations, and here are three key factors that could trigger its price surge.
Upcoming Launch of TREAT and Ecosystem Growth
One of the most anticipated developments in the SHIB ecosystem is the launch of TREAT, the reward token. Set to go live on January 14, TREAT is expected to incentivize users to engage with Shiba Inu’s protocols, including the layer-2 scaling solution, Shibarium. This new development symbolizes the growth of the SHIB ecosystem and could boost investor confidence, potentially driving a price rally for the second-largest meme coin.
Reduced Shiba Inu Holdings on Exchanges
Another encouraging sign for a potential SHIB rally is the decrease in Shiba Inu holdings on exchanges. According to CryptoQuant‘s data, the amount of Shiba Inu stored on exchanges has dropped significantly, suggesting a shift from centralized platforms towards private wallets. This trend indicates reduced immediate selling pressure, contributing to the bullish outlook for Shiba Inu.
InTheMoney Indicator and SHIB Investors’ Profits
The InTheMoney indicator, which measures changes in the number of SHIB investors currently profiting, has shown a remarkable increase. As of this writing, about 57% of all Shiba Inu holders are profitable, a considerable improvement compared to September 2023 statistics. This bullish trend could be a harbinger of a potential price rally.
The SHIB Burning Mechanism
The SHIB burning program, launched in 2022, is another factor that could contribute to a potential SHIB rally. The program aims to reduce the enormous token supply and drive up the price through scarcity. Recent data indicate an increase in the burn rate, resulting in the destruction of 834 million SHIB. Although the dollar value of the burned tokens is currently insignificant, continuous efforts in this direction could benefit investors in the long run.
Conclusion
The combination of these factors paints a promising picture for the future of Shiba Inu. With the upcoming launch of TREAT, reduced holdings on exchanges, a profitable InTheMoney indicator, and an active burning mechanism, SHIB seems poised for a potential price rally. As always, investors are advised to conduct thorough research and make informed decisions.
