Is it time to buy SHIB? Popular analysts bet on 300% Shiba Inu prices

TL;DR

Shiba Inu experienced a 5% daily price increase, with bullish forecasts from analysts such as Ali Martinez predicting a significant increase in the near future due to positive chart patterns. The upside potential is supported by a significant resurgence in SHIB’s combustion program and continued improvements to Shibarium. Bets on a Bull Run SHIB

The cryptocurrency market was green today (May 2) after suffering substantial losses the previous day. Shiba Inu (SHIB) is among the best performers (at least of the top 20 clubs), registering a 5% price increase on a 24-hour scale.

SHIB Price, Source: CoinGecko

One analyst who is optimistic that the meme currency has yet to experience a major rebound is Ali Martínez. User X cross SHIB’s price path could be forming a bullish flag on the daily chart.

Ali Martinez went further, admitting that he had placed buy orders at current prices and expected a 300% increase 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 predicted a triple-digit price increase, while the latter argued that “fading” the Shiba Inu “is a big mistake.”

Contributing factors

Two essential elements that can fuel a short-term SHIB rally are the asset burn program and Shibarium development.

As reported by CryptoPotato, the burn rate increased by 90% on May 1st, while tokens destroyed throughout April were almost 1.7 billion. The ultimate goal of the mechanism is to decrease the huge circulating supply of the Shiba Inu, making it scarcer and potentially more valuable over time.

Shibarium has also made great strides. The asset’s Layer 2 scaling solution underwent a major update last week and is scheduled for another this week. The advancements aim to improve the user experience, implement faster block processing times, and empower the developer and innovator community.

Some of the main functions of Shibarium include reducing transaction fees and improving the utility, scalability and efficiency of the Shiba Inu ecosystem. If you want to learn more about the network, feel free to dive into our dedicated video below:

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