Shiba Inu (SHIB) Price Might Be on the Verge of a Bullish Reversal After Shibarium Announced a Flurry of Updates

Shiba Inu (SHIB) price might be on the verge of a bullish reversal after Shibarium announced a flurry of updates seeking to bolster network activity and increase the SHIB burn rate.

Shibarium is introducing privacy layer 3 networks and a Karma ecosystem to boost activity and support Shiba Inu price.

Shiba Inu price might be on the verge of a bullish reversal as Shibarium announced a flurry of updates seeking to bolster network activity and increase the SHIB burn rate. In this article, we explore how high SHIB can rally if these updates remove more than 100 trillion tokens from the circulating supply.

Shibarium Unveils New Updates to Boost Network Activity

The Shibarium network has revealed multiple updates to boost network activity and support Shiba Inu price. The first of these updates is introducing the Shibarium layer 3 network that will be privacy-focused to boost adoption.

“Shibarium Layer 3 will unlock Web3 access for businesses, allowing them to run encrypted smart contracts and maintain compliance with minimal risk,” the X post reads.

The second update that is also coming to Shibarium is Karma. The Shibarium Karma ecosystem has launched a testnet to reward network users. By incentivizing network usage, Karma will also bolster activity and help drive gains for this top meme coin.

With these two major upgrades, the SHIB burn rate, which had surged by 1,400% at press time, could skyrocket and possibly remove 100 trillion tokens from the supply.

Shiba Inu Price If Shibarium Updates Spark 100 Trillion SHIB Burn

Shiba Inu price could be poised for a massive rally if the privacy updates and the Karma network feature trigger a surge in the SHIB burn rate, and potentially remove 100 trillion tokens from the circulating supply.

For context, SHIB has a supply of 589 trillion tokens. Therefore, a 100 trillion burn could drive massive growth in the price and market cap.

Grok 3 notes that removing such a high number of tokens from supply could spark a 261% price surge for SHIB to $0.0000445. This will push its market cap to $21 billion, making it a top ten crypto.

“Tripling the market cap might happen if the burn triggers significant hype, whale accumulation, or broader market bullishness.”

Given this bullish Shiba Inu price prediction, the two updates coming to the SHIB ecosystem might be a major catalyst for growth.

SHIB Technical Analysis

Shiba Inu price today trades at $0.0000123 with a slight 1.6% gain in 24 hours. The 1-hour chart shows that buying activity is resuming. This is after the rise in the RSI indicator to 59, which further shows that a bullish momentum is in play.

SHIB is also attempting to break out from a descending triangle pattern. If this breakout is successful, it could trigger a breakout to $0.004134 in the near term.

The MACD indicator also supports the bullish thesis after rising above the zero line. Once it confirms this crossover, it will create a strong buy signal, with the buying volumes set to push the meme coin’s price higher.

The upcoming Shibarium updates and the bullish technical outlook suggest that SHIB price could be on the verge of a massive price rally. A spike in the SHIB burn rate might also be one of the catalysts that will fuel the bullish momentum.

Shiba Inu Price Prediction: Can SHIB Reach $1 in 2024?

Shiba Inu price has begun July on a positive note, showing strength despite the broader crypto market downturn.

One analysis suggests that if Shibarium manages to burn 100 trillion SHIB tokens, it could spark a huge price surge and propel Shiba Inu into the Top 10 cryptocurrencies by market cap.

Shibarium Updates to Boost Network Activity

Shibarium, the layer-2 scaling solution for the Shiba Inu blockchain, is introducing new updates to enhance privacy and support.

The first update focuses on boosting adoption with privacy layer 3 networks. These networks will enable businesses to gain minimal-risk Web3 access, setting up encrypted smart contracts and maintaining compliance.

The second major update is the Shibarium Karma ecosystem, which has launched its testnet. Karma aims to incentivize and reward network users for their activity.

These updates are designed to increase network activity and support SHIB price. With these additions, the SHIB burn rate, which had already surged by 1,400% at press time, could skyrocket even further.

Shiba Inu Price Could Soar 261%

If Shibarium’s updates manage to burn more than 100 trillion tokens from the circulating supply, it could have massive implications for SHIB price.

According to Grok3, removing such a high number of tokens from supply could spark a 26