Shibarium Transactions Have Spiked, 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.

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.

Onchain Metrics Are Still Bearish For The Meme Coin

However, other on-chain metrics are still bearish for the SHIB price.

IntoTheBlock’s data shows that the Net Network Growth metric is still bearish. This indicates 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 on 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.

But on a positive note, recent reports highlight SHIB Pay as a permissionless, on-chain alternative to the traditional financial (TradFi) system.

News data source: kdj.com

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