TL;DR
Key indicators like heightened social engagement, alongside significant SHIB withdrawals from exchanges, hint at an upcoming bull run for the meme coin.SHIB’s aggressive token burning and the progress of its Shibarium layer-2 blockchain solution could also contribute to positive market performance.What Signals a Possible SHIB Bull Run?
The cryptocurrency market is still trying to rebound from the latest correction, with Shiba Inu (SHIB) being an evident example. Its price is up a mere 1% up for the past 24 hours (per CoinGecko’s data) but remains deep in the red on a weekly scale.
Still, some important metrics indicate that the self-proclaimed Dogecoin-killer might be gearing up for another substantial rally, similar to the one witnessed at the start of March.
The social intelligence company LunarCrush outlined four factors that can propel such a movement, with the first being increasing social activity. Shiba Inu is among the most trending cryptocurrencies on X due to the vast number of SHIB investors and the hype surrounding the asset. It has the strongest community in the meme coin realm, followed by Dogecoin (DOGE) and Pepe Coin (PEPE).
Rising price action and accelerating market volume were also noted. Last but not least, LunarCrush stated that SHIB has a very strong “LunarCrush AltRank.” This key metric encompasses numerous indicators such as market volume rank, social volume rank, percent change vs BTC, and social score rank.
The latest data shows that Shiba Inu has a “LunarCrush AltRank” of 2, which is a serious advancement from the previous figure pointing out 98.
$SHIB is signaling bullish…
Increasing social activity
Rising price action
Accelerating market volume
A very strong LunarCrush AltRank of 2
View the data at https://t.co/3NbRjXLeTb @Shibtoken pic.twitter.com/Ems1p6LHwg
— LunarCrush (@LunarCrush) April 4, 2024
Another element that was not explored by the social intelligence company is SHIB’s exchange netflow. CryptoQuant shows there has been a massive SHIB outflow from exchanges in the last seven days. Shifting from centralized platforms to self-custody methods could be considered bullish since it reduces the immediate selling pressure.
The Additional Factors
The resurgence of Shiba Inu’s burning program and the further development of its layer-2 scaling solution are also worth observing when trying to predict the meme coin’s future price movements. As CryptoPotato reported, the team behind the asset removed over 15.5 billion tokens from circulation last month, a 2,300% increase compared to the figures observed in February.
For its part, Shibarium hit another milestone on April 3 when total blocks on the network exceeded the 4 million mark. The feature aims to elevate SHIB above its rivals in the meme coin realm by reducing fees and improving speed. Those willing to learn more about it, feel free to check our dedicated video below: