Shiba Inu (SHIB) could pump more than 50% if it breaks this major resistance level (analyst)

TL;DR

Shiba Inu (SHIB) can see a solid price jump if it clears the $0.000025 resistance. The combustion mechanism could also push the valuation upwards. The tokens destroyed in the last 24 hours equal more than 11.5 million. New rally with these conditions?

As previously reported by CryptoPotato, the meme coin sector has seen a substantial pullback, with numerous tokens plunging by double digits on a 24-hour scale. The second largest by market cap, Shiba Inu (SHIB), has also underperformed, although it has posted smaller losses than PEPE, PNUT, BONK and others.

The self-proclaimed killer Dogecoin is currently worth about $0.00002406, representing a 2% daily decline and a weekly drop of 8%.

SHIB Price, Source: CoinGecko

Some analysts, however, believe that it may soon rise again if certain vital factors are in place. Popular X user Ali Martinez believes that SHIB could experience a 50% price increase if it breaks through the $0.000025 resistance. Currently, the valuation is only 3% away from reaching the represented brand.

Before that, the analyst claimed that nearly 1.7 trillion SHIB tokens had been withdrawn from exchanges on a 24-hour scale. “The last time we saw a similar increase, Shiba Inu increased in price by 62%,” he added.

The move could signal a shift from centralized platforms to self-hosted methods. This could be interpreted as a bullish signal as it reduces immediate selling pressure.

Earlier this month, X user Zack Humphries made an even more bullish SHIB prediction. He laid out several factors that could push the price to a new all-time high. Some of these include increased interest from retail investors and the subsequent advancement of Shiba Inu’s layer 2 scaling solution, Shibarium.

The protocol has recently been broken, reaching the massive milestone of 500 million transactions processed. For its part, the number of total blocks is close to 8 million. For more updates on the ecosystem, check out our Shibarium News page.

Cream on the rise again

One major element that suggests SHIB’s price may head north in the near term is the resurgence of the meme coin burning program. The burn rate has increased by over 200% in the last 24 hours, resulting in over 11.5 million tokens destroyed.

The ultimate goal of the mechanism is to reduce the huge circulating supply of SHIB, potentially making it more valuable due to scarcity. Since adopting the program, the team and community have sent approximately 410.7 trillion tokens to a null address, leaving 583.7 trillion in circulation.

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