Shiba Inu Price Could Skyrocket, Bull Rally Anticipated As These Factors Revive Token's Bullish Trend

The price of Shiba Inu could skyrocket and a bull rally can be anticipated if these two factors are sustained over the next few weeks.

The past few days have been very exciting for the Shib Army, the coin's group of fiercely loyal followers, which focuses on buying and trading the Shiba Inu cryptocurrency and NFTs, as the development team rolled out and announced several initiatives to help boost the token's utility and raise its value. These activities saw a rise in the accumulation of the Ethereum-based altcoin by large wallet investors and Ethereum whales.

Over the past days, whales have purchased billions of SHIB tokens, especially each time the price tumbled. These whale actions created have caused a ripple effect, influencing the overall market of the altcoin.

WhaleStats, the blockchain tracking service that monitors the 100 biggest wallets on the Ethereum network, reported that SHIB is the leading investment option for whales, with $1.093 billion worth of Shiba Inu being held by the 100 biggest ETH whales in the market. Analysts attributed the rise in the price of the dog-themed token to these whales' activities.

Another reason for the anticipated rise in the price of SHIB is the massive success of the newly launched Shiba Burn portal. Since its launch over the weekend, the portal has removed more than 17.5 billion tokens from circulation.

The Shiba Inu developers have made the burning mechanism more exciting, with Shib burners offered an incentive in the form of Ryoshi's Vision, an ERC-20 token. The huge number of burned altcoins reduced its total circulating supply, which could have contributed to the increase in its value.In addition to this, Welly's, the Naples-based burger chain and partner of Shiba Inu, confirmed that it will also burn SHIB in different ways. Specifics on how this will be done are still scarce, but this means burners have another way to burn their tokens very soon.

Analysts believe that the new burning mechanism launched by the development team is a catalyst that will impact the price of the dog-themed memecoin. Apart from those, analysts are also bullish about SHIB's price and anticipate a rally.

Some of these analysts noticed that the price trend of the token is showing a bullish fractal, which is the same as the trend from August to September 2021 when the crypto completed its consolidation and saw an uptrend.

Shiba Inu was trading down 1.55% at $0.00002297, with a 24-hour volume of $458,563,862, as of 8:33 p.m. ET on Thursday, according to the data from CoinMarketCap.