The universe of cryptocurrencies is vast and dynamic, and one of the stars that has attracted attention is Shiba Inu ($SHIB). Recently, a renowned enthusiast and analyst known as $SHIB Knight shared on his account on microblogging platform X that $SHIB may be preparing to reach a peak not seen in eight months, reaching a value close to $0.0003.
The reason for this optimism? $SHIB Knight believes that the cryptocurrency has reached its lowest point in the current trend and that, from now on, it only has room to grow. He noted that even as the price remains stable, there is ongoing accumulation that could be the prelude to a jump in value.
And it’s not just $SHIB Knight who is bullish. The $SHIB community has shown its strength and dedication. Recently, an impressive burn of 164 million SHIB tokens was recorded in a single day. For those unfamiliar, burning tokens means sending them to inaccessible wallets, effectively reducing the amount in circulation. And with a smaller supply and constant or growing demand, prices tend to rise.
$SHIB hold this support line all the time. This should be the bottom.
Chart is squeezing, accumulation coming to an end. Let’s see. pic.twitter.com/q8q1ZeZo9Y
— $SHIB KNIGHT (@army_shiba) October 4, 2023
Furthermore, the Shiba Inu ecosystem is not just focused on its cryptocurrency. Shibarium, its layer 2 scaling solution, has been recording impressive numbers. Recent data from Shibariumscan shows that the Shibarium network has surpassed 3.2 million transactions, with over 860,000 blocks processed.
At the time of publication, the price of SHIB was quoted at US$0.00000724, up 1% in the last 24 hours.
The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.