A popular proponent of the meme-inspired cryptocurrency Shiba Inu ($SHIB) has recently suggested the cryptocurrency could soon surge to move to an 8-month high of around $0.0003, at a time in which the cryptocurrency market keeps trading sideways.
According to a post from the analyst $SHIB Knight on the microblogging platform X (formerly known as Twitter), the price of SHIB could soon surge to levels it hasn’t seen for eight months, based on the belief that SHIB has reached its lowest point of the trend and is set to go up in the near future.
The analyst hinted that as the cryptocurrency’s price is holding there’s an ongoing accumulation that could lead to a surge.
Various analysts have been notably bullish on the meme-inspired cryptocurrency even as it underperforms. The community behind it has kept on building, however, recently achieving a 164 million SHIB token burn in just 24 hours.
Burning tokens involves sending them to wallets that no one controls, effectively removing them from circulation and reducing the cryptocurrency’s supply available on the market. If demand rises and meets depressed supply, the price could rise.
The rising burn rates comes at a time in which the Shiba Inu ecosystem’s layer-2 scaling solution, Shibarium, is seeing its transaction levels hit a new all-time high just a brief period after the network was reactivated.
According to data from Shibarium network explorer Shibariumscan, the Shibarium network has seen its transactions surpass the two million mark earlier this month to now stand at 3.2 million, with over 860,000 blocks being processed on the network.
As CryptoGlobe reported, last year 162-year-old Swiss luxury watchmaker TAG Heuer started accepting SHIB and DOGE payments, along with ten other cryptoassets for payments. The firm “designs, manufactures and markets watches and fashion accessories, as well as eyewear and mobile phones manufactured under license by other companies and carrying the TAG Heuer brand name”
Earlier this month, blockchain payments system FCF Pay announced that customers of the popular financial behemoth HSBC are now able to pay their mortgage bills and loans using numerous cryptocurrencies, including Bitcoin ($BTC), $XRP, and Shiba Inu ($SHIB).
Featured image via Unsplash.
