According to CryptoPotato, cryptocurrency trader $SHIB KNIGHT predicts that the price of Shiba Inu (SHIB) could soon reach an 8-month high of approximately $0.0003. The trader believes that the memecoin's current valuation has found its bottom, indicating that an upward trend is expected soon. Shibarium's Marketing Strategist, LUCIE, also envisions a price rally for SHIB, arguing that the asset could enter a bull run due to its decentralization and representation of the people.
Several factors could potentially contribute to a price increase for Shiba Inu, including mass adoption, successful execution of the token's burning program, and further development of the layer-2 scaling solution, Shibarium. The project team announced that over 2.3 billion SHIB were destroyed in September, with an even more successful burning of 5.7 billion tokens in August. Shibarium, which aims to elevate Shiba Inu above its rivals by improving speed and lowering transaction fees, has also been making progress. The network has surpassed three million transactions, and the total number of wallet addresses has exceeded 1.25 million.