Is Shibu Inu Set To Skyrocket? Social Buzz And Token Burns Fuel Speculation

Shiba Inu SHIB/USD might be on the verge of a significant price surge.

According to the social intelligence company LunarCrush, various factors, from social engagement to token withdrawal patterns, hint at an impending bull run for the popular meme coin.

Despite a modest 1% increase over the past 24 hours, the Dogecoin killer SHIB's potential rally could mimic its March performance, which saw an explosive rise.

$SHIB is signaling bullish...

Increasing social activity
Rising price action
Accelerating market volume
A very strong LunarCrush AltRank™ of 2

View the data at https://t.co/3NbRjXLeTb @Shibtoken pic.twitter.com/Ems1p6LHwg

— LunarCrush (@LunarCrush) April 4, 2024

Key indicators such as increased social activity on platforms like X, where Shiba Inu dominates the conversation among cryptocurrencies, signal a growing interest in SHIB.

This and its strong community support set the stage for potential price increases.

Also Read: Forget Dogecoin And Shiba Inu — This Meme Coin Has Surged Nearly 70% In Just 24 Hours

Additionally, data from LunarCrush points to SHIB's solid "LunarCrush AltRank," a composite metric indicating bullish sentiment, showing a significant jump from 98 to an impressive rank of 2.

Another bullish sign is the notable outflow of SHIB tokens from exchanges, suggesting a shift towards self-custody by investors, which traditionally reduces selling pressure on the market.

Furthermore, SHIB's aggressive token-burning strategy and the advancement of its Shibarium layer-2 solution, aimed at enhancing transaction speeds and reducing fees, are crucial factors supporting its market optimism.

Meanwhile, according to Shibburn data, SHIB has witnessed a significant 61.02% increase in its token burn rate over the last 24 hours, with more than 24.2 million SHIB tokens burned.

This surge in token-burning activity is a strategic effort to reduce the coin's massive circulating supply of 582.7 trillion tokens, aiming to increase scarcity and potentially boost the SHIB price.

At the time of writing, SHIB was trading at $0.00002857, up by almost 6% in the last 24 hours. 

Now Read: Dogecoin Soars As Whale Moves 200 Million DOGE From Robinhood To Unknown Wallet

Photo: Shutterstock