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The Shiba Inu (SHIB) network has been taking a huge hit. The second largest meme coin was seen dropping the cryptocurrency ladder. SHIB has been tussling with Avalanche (AVAX) for the 12th spot.
The asset is the 13th largest cryptocurrency with a market cap of $7.86 billion. AVAX is right above with its market value at $8.16 billion. At press time, SHIB was trading at $0.00001327 with a 4.16% drop over the past 24 hours.
Factors Influencing Shiba Inu’s Price Movement
Bullish Predictions for Shiba Inu
The next few days will be highly bullish for the cryptocurrency. Data from Changelly reveals that SHIB is expected to rise to a high of $0.00002191 on Aug. 15. The meme coin will surge nearly 60% from its current price range to get to this level.
Even though this seems far-fetched, Shiba Inu has recorded an uptick of this magnitude multiple times. As a result, it wouldn’t come as a significant shock if SHIB shoots up by this margin.
Also Read: Analyst Predicts 100,000% Growth for Shiba Inu, 420% for Bitcoin
Catalysts That Could Push Shiba Inu
Several factors will come into play before the meme coin shoots up. The meme coin will garner its much-needed push from increased burns. Recent data from Shibburn revealed a 3327% increase in the meme coin’s burn rate over the past 24 hours.
A total of 106,034,329 tokens were eliminated from the meme coin’s circulating supply. As burns rise, the SHIB network’s supply will shrink, and its price will boost.
Volatility and Potential Hurdles
While burns can be a great indicator of the direction of SHIB’s price movement, the overall cryptocurrency market is extremely volatile at the moment.
Also Read: Shiba Inu: Forbes Predicts When SHIB Will Rise 670%, Hit $0.0001
As a result, the meme coin might face hurdles in the coming days.
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