Shiba Inu price could be on the brink of a bullish reversal as Shibarium announces updates to boost network activity and increase the SHIB burn rate. The new updates include the introduction of the Shibarium layer 3 network, which will focus on privacy and Web3 access for businesses. Additionally, the Karma ecosystem has launched a testnet to reward network users, potentially driving gains for SHIB.
If these updates succeed in removing 100 trillion tokens from the circulating supply, Shiba Inu price could see a significant rally. With a current supply of 589 trillion tokens, a 100 trillion burn could lead to substantial growth in price and market cap. Analysts predict a potential 261% price surge for SHIB to $0.0000445, pushing its market cap to $21 billion and potentially making it a top ten crypto.
Technical analysis of SHIB shows a bullish momentum, with buying activity resuming and indicators such as RSI and MACD supporting a positive outlook. The price is currently trading at $0.0000123, with a breakout from a descending triangle pattern potentially triggering a move to $0.0000134. If the MACD confirms a crossover above the zero line, it could signal a strong buy signal and drive the price higher.
Overall, the upcoming Shibarium updates and the positive technical outlook suggest that SHIB price could be heading for a significant rally. A surge in the SHIB burn rate due to network activity could be a catalyst for further growth. Investors should keep an eye on these developments, as they could have a major impact on Shiba Inu price in the near future.
