These metrics include the daily transactions on the layer-2 network Shibarium, which indicates that Shiba Inu's adoption is again rising.
Shiba Inu (SHIB) price could soon enjoy a massive rally if several key on-chain metrics continue to paint a bullish picture for the meme coin.
Here's a look at some of the metrics that suggest SHIB could be poised for a major price surge.
Daily Transactions on Shibarium Skyrocket
One metric that highlights Shiba Inu's growing adoption is the number of daily transactions on the layer-2 network Shibarium. According to data from Shibariumscan, Shibarium's daily transactions on September 19 hit 11,360, a significant increase from 3,090 the previous day.
Moreover, the 11,360 daily transactions recorded on September 19 also represent the highest figure in over a month, as network activity has remained largely stagnant for a while now.
However, this surge in Shibarium's daily transactions indicates that investors are returning to the Shiba Inu ecosystem, which could help spark a price surge for the meme coin.
The rise in daily transactions also coincides with the Fed rate cut, which has boosted investors' appetite for risk assets like SHIB.
As such, this could lead to greater adoption of the Shibarium network, with daily transactions likely to continue skyrocketing.
Importantly, a rise in network activity is also significant as it would lead to more Shiba Inu burns, ultimately impacting the meme coin's price as more coins are removed from circulation.
The layer-2 network already has an automatic burn mechanism, whereby some of the network's transaction fees are converted to SHIB and burned.
Hence, increased network activity means more transaction fees and more Shiba Inu tokens burned.
'In The Money' Metric Turns Bullish
Another Shiba Inu metric that has turned bullish is the 'In the Money' metric, which shows the number of SHIB holders in profit currently rising.
This is positive as the meme coin could face less selling pressure, with investors more confident about holding when they are in profit. Holders running at a loss are always quick to sell to cut their losses.
The In the Money metric also shows that the meme coin could face minimal resistance as it continues its upward trend.
Fewer Shiba Inu addresses bought the meme coin at levels above its current price, indicating it should face little selling pressure as its price rises.
Most Shiba Inu addresses purchased the coin at the crucial $0.000010 price level, which SHIB has retested multiple times and confirmed as support.
Can Shiba Inu Reach $0.00004?
These metrics showcase how Shiba Inu can reach $0.00004 as they provide a bullish outlook for the meme coin.
Moreover, from a technical analysis perspective, crypto analysts like Javon Marks have highlighted how the meme coin looks ready for a breakout. Marks predicted the meme coin could rise to as high as $0.00008.
Meanwhile, crypto analyst Pat stated that the higher time frame charts on meme coins are starting to look “bloody lovely.” He used Shiba Inu as a case study, indicating that the meme coin could rise to the $0.00004 range if it can confirm the deviation on the chart.
At the time of writing, Shiba Inu is trading at around $0.000014, down over 2% in the last 24 hours, according to data from CoinMarketCap.
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