In the volatile world of cryptocurrency, meme coins like Shiba Inu (SHIB) often ride waves of social sentiment and technical developments. Recently, SHIB has captured attention with a notable uptick in whale activity and a bullish market sentiment. The coin's unique asset-burning programs and the development of its layer-2 solution, Shibarium, are key factors driving this momentum. As SHIB's price hovers around $0.00002272, market analysts and enthusiasts are keenly observing whether these positive indicators will propel the coin to new heights or if it will face resistance. Let's delve into the factors influencing SHIB's price trajectory and what the future might hold.

Positive Sentiment and Technical Analysis Indicate a Bullish Trend for Shiba Inu (SHIB)

Investing in various meme coins is akin to strapping into a rollercoaster car, where the journey is full of ups and downs with no safety bar. Their value often soars as quickly as it plummets, often on the whim of a celebrity tweet or viral challenge. However, what sets meme coins apart in this crypto community is hype and social sentiment. In the ocean-like world of crypto, they can skyrocket to stardom overnight, fueled by tweets and trends.

The same goes for the meme-coin Shiba Inu (SHIB). The two most important factors that could fuel an SHIB rally in the short term are the asset-burning programs by the coin and the development of their layer-2, Shibarium.

Hourly SHIB Update

• SHIB Price: $0.00002291 (1hr 0.45% ▲ | 24hr 3.59% ▲)
• Market Cap: $13,498,058,363 (3.60% ▲)
• Total Supply: 589,273,880,064,562
• Tokens Burnt:
• Past 24Hrs: 2,624,322 (-0.3% ▼)
• Past 7 Days: 64,715,408 (-85.51% ▼)

According to Shibburn, tokens burnt in the last 24 hours are 2.624 million. The Shibarium layer-2 hard fork was launched on May 2nd, 2024, with cool upgrades like enhanced network performance, faster block processing times, and robust security.

Shiba Inu Chart Shows Promise! – Bounties Ahead?

At the time of writing, the meme coin was trading at $0.00002272 with a market capitalization of over $13.39 billion. As per IntoTheBlock’s data, 58% of SHIB investors were in profit at press time. The concentration of large holders is 73%, which is between 0.1% to 1% and above 1% of the circulating supply.

The SHIB’s Social Volume also spiked, reflecting an increase in popularity and portraying upcoming positivity in the token. Even its Weighted Sentiment scale remained comparatively higher, portraying bullish sentiment around the Shiba Inu (SHIB) meme coin that was dominant in the crypto market.

There was also positive-oriented news on the X platform, as a bullish pattern formed on the meme coin’s daily price chart. A famous crypto technical analyst, Ali Martinez, posted a tweet on May 1st, highlighting a bullish flag pattern on SHIB’s daily chart.

ShibaInu appears to be forming a bull flag on the daily chart! I'm placing buy orders around $0.000018343, aiming for a bullish breakout that sends $SHIB to $0.000072323. So, if you want to join me in this trade, head to @coinexcom and sign up using my referral link… pic.twitter.com/er1gE0lozV