The Shiba Inu (SHIB) network has suffered a major blow. The second-largest meme coin has fallen down the cryptocurrency ladder. SHIB is battling with Avalanche (AVAX) for the 12th spot.
The asset is the 13th largest cryptocurrency with a market cap of $7.86 billion. AVAX is just above it with a market cap of $8.16 billion. At press time, SHIB was trading at $0.00001327, down 4.16% in the last 24 hours.
Factors affecting Shiba Inu price movement
Bullish predictions for Shiba Inu
The next few days will be very bullish for the cryptocurrency. Data from Changelly shows that SHIB is expected to rise to a high of $0.00002191 on August 15. The meme coin will rise by almost 60% from its current price range to reach this level.
While this may seem far-fetched, Shiba Inu has seen an uptrend of this magnitude several times before, so it wouldn’t be a huge surprise if SHIB increased by this amount.
Also read: Analyst predicts 100,000% growth for Shiba Inu, 420% for Bitcoin
Catalysts that could advance Shiba Inu
Before the meme coin skyrockets, several factors will come into play. The meme coin will get its much-needed boost from increased burns. Recent data from Shibburn showed a 3327% increase in the meme coin’s burn rate in the last 24 hours.
A total of 106,034,329 tokens have been removed from the meme coin’s circulating supply. As burns increase, the SHIB network’s supply will shrink and its price will rise.
Volatility and potential hurdles
While burns can be a good indicator of the direction of SHIB price movement, the overall cryptocurrency market is extremely volatile at the moment.
Also read: Shiba Inu: Forbes predicts when SHIB will rise 670% and reach $0.0001
As a result, the meme coin may face obstacles in the coming days.
