The cryptocurrency market saw a resurgence of green today (May 2) following significant losses experienced the previous day. Notably, Shiba Inu (SHIB) emerged as one of the best performers among the top 20 cryptocurrencies, registering a 5% price increase over the past 24 hours.

Analysts like Ali Martinez are optimistic about SHIB's potential for a significant rally in the near future. Martinez highlighted the formation of a potential bull flag on SHIB's daily chart, indicating a possible upward price trajectory. In line with this sentiment, Martinez revealed placing buy orders at current rates, anticipating a 300% surge to approximately $0.000072323.

Joining the chorus of bullish forecasts, analysts Rekt Capital and crypto content creator Jake Gagain have also envisioned a bright future for SHIB. Rekt Capital forecasted a triple-digit price increase, while Gagain emphasized that overlooking Shiba Inu could be a "major mistake."

Two key factors contribute to the potential rally of SHIB in the short term: the asset's burning program and the development of Shibarium. The burn rate of SHIB tokens spiked by 90% on May 1, with nearly 1.7 billion tokens destroyed throughout April. This mechanism aims to decrease SHIB's circulating supply, potentially increasing its scarcity and value over time.

Meanwhile, Shibarium, the asset's layer-2 scaling solution, has been undergoing significant advancements. Following a major upgrade last week, Shibarium is set to undergo another enhancement this week, focusing on improving user experience and block processing times. These developments aim to enhance the utility, scalability, and efficiency of the Shiba Inu ecosystem.

With both the burning program and Shibarium development contributing to SHIB's potential growth, investors and analysts alike are closely monitoring the meme coin's trajectory for further bullish momentum in the cryptocurrency market.