- Shiba Inu community considers the meme coin’s burn as one of the largest drivers of its price.
- Shytoshi Kusama of Shiba Inu teased the launch of Shibarium, Shiba Inu’s layer-2 scaling solution, in a recent tweet.
- Shiba Inu price continues to struggle, analysts expect the meme coin’s downtrend to continue.
Shiba Inu’s layer-2 scaling solution is a highly anticipated project for SHIB holders. Shibarium, the layer-2 solution is key to Shiba Inu ecosystem’s growth and adoption. Analysts have a bearish outlook on Shiba Inu, and predict further decline in Shiba Inu.
Also read: Shiba Inu and Dogecoin crumble under pressure from Powell’s speech
Shibarium’s launch could be the bullish trigger Shiba Inu needs
Shiba Inu’s Shytoshi Kusama teased the launch of Shibarium, a long-awaited development in the ecosystem. While Shiba Inu holders await the launch of the layer-2 scaling solution, proponents believe it could act as a bullish trigger for the meme coin.
In addition to Shibarium release, Shiba Inu’s burn implementation is a key driver of the Dogecoin-killer’s price rally. The Shibburn website revealed that Shiba Inu’s burn rate is up 300% overnight. Over 213 million Shiba Inu tokens were burned in fourteen transactions overnight.
A massive spike in the burn rate fueled a bullish sentiment among holders, however Shiba Inu price failed to recover. Shiba Inu community’s moderators recently considered the possibility of 111 trillion SHIB burn within the next year. A burn of this magnitude could push Shiba Inu’s price higher and yield double-digit gains for holders.
Shiba Inu price struggles to make a comeback
Analysts evaluated the Shiba Inu price trend and revealed a bearish outlook. Kelvin Maina, a crypto analyst, expects a downward move in Shiba Inu. Maina argues that there is a high likelihood of a decline below the lows of $0.0000116.
The move past the $0.000014 level could push Shiba Inu towards a high. A trend reversal will be confirmed with a breakout past $0.000014, according to analysts.
SHIB-USDT price chart
FXStreet analysts believe Shiba Inu price is within a tight range and a decline is likely in the meme coin. For price targets and other information, check the video below:
