2 Key Metrics Have SHIB Eyeing a Rally to $0.005
The last month has been a difficult one for Shiba Inu. The meme coin has struggled mightily, decreasing by more than 12% over the last week, according to CoinMarketCap. Yet, all hope is not lost for the asset. Indeed, Shiba Inu has displayed two key metrics that may have SHIB eying a surge to the $0.005 mark.
The second-largest meme coin by market cap has certainly shown signs of life. The token’s struggles have been heavily influenced by a negative market sentiment affecting a host of assets. When that does turn around, SHIB may be in as good a position as any to capitalize on the reversal.
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Exchange Holding Decline a Positive?
The first metric that could prove to be a massive positive for SHIB is its recent exchange holdings decline. Indeed, Santiment data revealed that Shiba Inu is leading top 10 exchange wallets that have reduced their holdings of the meme coins. Although that seems to be a negative statistic, it may actually be a sign of bullish sentiment for the token.
As Santiment notes, “decreasing exchange supplies should be considered a good sign,” for SHIB. The development is telling traders that prominent investors are transferring their supply to self-custodied wallets.
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The data is reinforced by the increase in the movement of SHIB from various exchanges. This is especially true in regard to SHIB whales. The wallets that are holding between 10,000 and 10 million SHIB have reached 831,548. That is a direct result of investors transferring their holdings and contributing to the growth trend that first began in early May.
That isn’t all that could be set to benefit SHIB, as one of its most important functions has also seen massive growth.
Skyrocketing SHIB Burn Rate
There is no denying that Shba Inu’s burn rate is one of its most important facets. When it is high, there is usually reason to be optimistic that the price will follow. If that is the case, a recent burn rate surge should have traders incredibly excited.
Shibburn reported that SHIB burn rate soared by a remarkable 1,460% in just 24 hours. With seven burn transfers in total, the hit to the meme coin supply is a vital note to where the price could go in the near future.
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According to crypto analyst Coach K Crypto, there is a timeline for a rally that could be in the works. Specifically, these two key metrics could have Shiba Inu targeting a price of $0.00053. That would indicate a 231% surge for SHIB from its current position.
Although investor interest has fallen and derivatives have noted declining trading, there is reason for optimism. If the market can get back on track, SHIB should be poised to skyrocket in a monumental increase.
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