Shibarium transactions have surged in the last 24 hours, providing a bullish outlook for the SHIB price. This development comes as crypto analyst Javon Marks predicted a 100% surge for the meme coin, which is still looking to break above the psychological $0.000020 price level.
What’s Next For SHIB Price As Shibarium Transactions Surge
Crypto analyst Javon Marks has predicted that the SHIB price could rally to the $0.00003 range. He stated that Shiba Inu is starting to respond to a large bullish divergence and a full recovery, and a bullish continuation can send the top meme coin back to this range, which would represent a surge of over 100%.
This comes as the Shibarium transactions surged in the last 24 hours, which is bullish for the meme coin. Shibariumscan data shows that the transactions surged from 2.43 million on May 1 to 3.1 million on May 2, representing a surge of just over 27%.
Shiba Inu’s burn rate also provides a bullish outlook for the SHIB price. Shibburn data also shows that the burn rate has surged by over 25,353% in the last 24 hours, with 26.3 million SHIB tokens burned during the period. Token burns are bullish, which could spark a price surge for the meme coin as demand skyrockets.
Onchain Metrics Are Still Bearish For The Meme Coin
IntoTheBlock data shows that other on-chain metrics are still bearish for the SHIB price. The Net Network Growth metric is still bearish, indicating that new users aren’t adopting the meme coin.
The ‘In The Money’ metric is also bearish. With 57% of holders currently out of the money, Shiba Inu is at risk of a sell-off, which could lead to a significant decline for the foremost meme coin.
Meanwhile, the ‘Concentration’ and ‘Large Transactions’ metrics are also bearish for Shiba Inu. This indicates that crypto whales aren’t accumulating SHIB at the moment. Whales play a major role in price rallies, and their lack of accumulation could derail any potential rally.
However, a positive for the SHIB price is the recent highlight of the SHIB pay as a permissionless, on-chain alternative to the traditional financial (TradFi) system.
The post Shibarium Transactions Surge 27%, What’s Next for SHIB Price? appeared first on CoinGape.