Shiba Inu (SHIB) May Be about to See a Major Surge, Projects 1,700% Price Surge

Shiba Inu (SHIB) may be about to see a major surge, according to popular crypto analyst CryptoELITES. With a 1,700% price surge in the current bull market

Shiba Inu (SHIB) has seen a 192% price appreciation in 2023, currently being priced at $0.00002986. While some in the community have attributed this rise solely to token burns, others, including SHIB pseudonymous CEO Shytoshi Kusama, have highlighted the broader ecosystem's role in the token's success.

Recently, the second burn campaign of the 1 Cent Dream project led to the burning of 250 million SHIB tokens. Some applauded the initiative, while others complained that there were no big burns from the development team.

Gunz0369, a popular community member, stated that severe burns are very important for the investors and development of SHIB. The analysis showed that burns are a divided topic in the community and whether they are the reason for success.

However, Kusama’s response to these concerns was that recent performances of SHIB show that the token has more than burn activities. He has pointed out that utility, governance and strategic partnerships have been key in the growth of the company.

Shibarium, Shiba Inu’s Layer 2 blockchain, is instrumental to this plan, creating the sentiment and adoption required for this strategy. Kusama also mentioned that as the use of cases and projects within the ecosystem increases, the completion of projects will in itself generate more burn situations.

Since the token focuses on innovation and the acquisition of new users, the token’s supply may well be on a decreasing trend. Shibarium has raised concerns on how it would affect token burning. Some people have criticized the blockchain saying that it rides on the success of SHIB and not the other way round.

Kusama fired back saying that Shibarium will help in fortifying the ecosystem. Currently, Shibarium has helped burn more than 56 billion SHIB tokens through the gas fee processes. Also, its burn portal has eliminated more than 300,000,000 SHIB from the supply chain.

Shiba Inu (SHIB) may be about to see a major surge, according to popular crypto analyst CryptoELITES. With a 1,700% price surge in the current bull market, the analyst believes SHIB may hit a price target of $0.000472905.

CryptoELITES revealed the cup and handle pattern on SHIB on the 10th of December in a tweet. This pattern has been formed over three years and is a very strong buy signal in the technical analysis chart. It is more likely to be an extension of an upward trend.

The resistance level of the pattern is a descending trendline that has kept SHIB in check since the month of October 2021. CryptoELITES expects SHIB to overcome this trendline and set the stage for further steps at $0.000085171, $0.000183312, and the expected $0.000472905.

CryptoELITES stated that the upward movement of SHIB depends on the decline in Bitcoin’s market dominance. In previous bull runs, a drop in Bitcoin’s market share has triggered capital rotation into altcoins and other meme coins.