Shiba Inu (SHIB) has experienced significant growth in the past quarter, driven by the surge in Bitcoin (BTC) to new all-time highs. However, the outlook for the second quarter of 2022 appears to be more bearish, with negative trends in April and overall underperformance. Despite this, there are several factors that could change the course for SHIB in the upcoming quarter.
One such factor is the burn rate, which has consistently reduced the supply of SHIB. In March, 15.6 billion SHIB was burned, marking a 2,330% increase in the burn rate. This reduction in supply can have a positive impact on the price of SHIB.
Additionally, the adoption of Shibarium, the layer-2 scaling solution for Shiba Inu, has been a significant growth catalyst for the ecosystem. Shibarium has achieved important milestones, contributing to the overall growth of the project.
While historical data shows underperformance in the second quarter for SHIB, these developments and catalysts in the ecosystem could potentially alter the trajectory for the digital currency. It remains to be seen how the bulls and bears will navigate this pivotal quarter for Shiba Inu.