Here Are 4 Factors That Could Trigger SHIB Bull Rally

Despite the massive plunge of Shiba Inu’s price year-to-date, these four factors can still help the token to embark on a bull rally. 

The bearish condition of the broader market has wreaked havoc on altcoins, including Shiba Inu (SHIB). It bears mentioning that Shiba Inu has been on a downtrend for most part of January. 

SHIB Underperforms in January 

Recall that Shiba Inu started this month on a high note, as it was seen changing hands at around $0.00001030. Following the massive dip that wreaked havoc on crypto prices, SHIB fell below the $0.00001 level. 

In the hours leading up to press time, the popular canine-themed token was changing hands at $0.00000907, up 2% on the daily chart. Despite recording a slight gain in the past 24 hours, SHIB is still down 11.4% year-to-date (YTD). 

4 Factors Hint at Potential Shiba Inu Rally 

Although Shiba Inu has yet to meet many investors’ expectations this year, four factors suggest the asset could embark on a major rally soon. 

Whales’ Interest in Shiba Inu Spike 

Shiba Inu whales or large holders have shown significant interest in SHIB recently. They have taken advantage of the low price offered by the recent dip to increase their SHIB holdings. For instance, Tron founder Justin Sun recently accumulated 577 billion SHIB from Binance, the world’s largest crypto exchange. 

Besides Sun’s accumulation, other large holders have also stacked up huge amounts of SHIB. The massive accumulation of SHIB among whale investors suggests that these large holders might be gearing up for an imminent rally of the cryptocurrency. 

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SHIB Address Profitability Surges 

Shiba Inu recorded an impressive feat recently regarding the spike in SHIB addresses’ underlying profitability. According to data from IntoTheBlock, this metric surged to 25.42% from 24%. Following the surge, SHIB could be primed for a rally. 

Uptick in SHIB Burn Rate 

Over the past week, millions of SHIB tokens have been taken out of the circulating supply, leading to a massive surge in the burn rate. So far, over 410.7 trillion SHIB tokens have been burned. This figure is expected to spike when the highly-anticipated Shibarium burn portal launches. 

The solution has been in the works for months. As reported earlier, the team revealed that the auto burn portal is ready for testnet deployment. 

Growing Social Media Activity 

Shiba Inu is blessed with a strong community, with thousands of people discussing the canine-themed token daily. Members of the community usually flock to Shiba Inu-related posts by liking, retweeting, and commenting, thus attracting attention to the asset. 

The community is considered Shiba Inu’s backbone, as it has helped increase the token’s adoption through these positive engagements. 

As long as these factors remain constant, coupled with a positive market condition, it might not take long before Shiba Inu embarks on a bullish run.