Shiba INU price after the gigantic drop on 21st January that resulted in the price dropping much below $0.00002, consolidated heavily for nearly a fortnight. Nevertheless, the price since the past couple of days soared heavily and also manifested the possibilities to break through the critical resistance at $0.00003275. Therefore, it is believed to maintain the current uptrend, and below are mentioned the reasons on Why is the SHIB price bullish?
Shibarium is all set to Launch
The public testnet of Shibarium, a layer-2 scaling solution for the Shiba INU cryptocurrency is expected to go live very soon. With an announcement by the Unification Foundation, the SHIB price was highly impacted which soared nearly 30%. The private testnet of the layer-2 scaling solution is already live while the exact timeline for the launch of the public testnet is not yet let out by the SHIB developers.
As SHIB is an ERC-20 token, it is also surrounded by hefty gas fees that become very much unaffordable at certain times. And hence the Shibarium is expected to be a game-changer as the transactions then are expected to become fast and relatively cheap. Ryoshi, the anonymous founder of Shiba Inu said BONE, would be used as Shibarium’s primary token
Nearly 40% of SHIB Total Supply is Burnt
Shiba Inu developers burnt SHIB tokens frequently to amplify the value of the token. However, new features for the SHIB burn were introduced which drained nearly 40% of the total Shiba Inu total supply. According to Shibburn that reports each and every SHIB token burn, nearly 41% of the total supply is burnt from the initial supply.
In the past 24 hours, there have been a total of 55,338,883 $SHIB tokens burned and 8 transactions. So far, a total of 410,302,093,313,848 #SHIB tokens (41.03021%) have been burned from the initial supply of 1 quadrillion. #shibarmy— Shibburn (@shibburn) February 7, 2022
With the burning mechanism, the SHIB price is expected to build up significant bullish momentum. Currently, out of 1 Quadrillion supply of Shiba INU, nearly 548 billion SHIB tokens are in circulation, while 410 billion have been burnt and more than 40 million are staked on Shibaswap. Moreover, according to Shibaburn.com the platform is expected to launch several other projects in February which will burn SHIB tokens.
Bullish Pennant in SHIB Price
The SHIB price roared out of consolidation since the previous trading day manifesting its tendency to propel towards the crucial resistance. The popular meme coin was swinging within a very narrow consolidation for nearly a fortnight. With the recent jump, the asset has let out another bullish signal by trending within a bullish pennant.
The SHIB price, after a huge spike, consolidated for a while which let out a notable bullish signal in the form of a bull flag. No doubt the asset is plunging within the flag, yet reaching the lower support, the asset may bounce back.
And eventually, the Shiba Inu price may break out of consolidation to hit the upper and the important resistance at $0.00003200. This is when a significant uptrend may be certified which may uplift the SHIB price towards the higher levels.
Original Source :coinpedia.org
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