Shiba Inu Price Surge: 81% Upside Potential?
Shiba Inu (SHIB) has experienced significant price volatility recently, yet it maintains a position above the crucial support level of $0.0000125. A confluence of factors suggests a potential bullish reversal: high-volume transactions and a rising burn rate are acting as catalysts.
Potential for an 81% Shiba Inu Price Increase
Technical analysis reveals a breakout from a falling wedge pattern on the daily chart, a positive sign for SHIB. The cryptocurrency has been trading within a descending channel since December 2024, recently testing its upper boundary. A breakout from this pattern could trigger a bull rally with a potential upside target of 81%, according to some analysts. Others even predict a 17x increase from current levels. [Source]
Increased Shiba Inu Transaction Volumes
Following a SHIB price rebound to $0.00001367, network transaction volumes surged. IntoTheBlock data revealed a significant spike in large transactions ($100,000 or more) on March 20th. This surge coincided with SHIB exceeding $0.000013 for the first time in a week. The total volume reached 7.49 trillion SHIB (over $97 million at the $0.000013 price point), representing a 197% increase from the previous day.
While transaction volumes decreased over the weekend, recent whale activity suggests renewed interest from large investors. The 7.49 trillion SHIB transaction marks the highest volume in almost two months.
Rising Shiba Inu Burn Rate
Data from SHIBBurn shows a 21% increase in the Shiba Inu burn rate within the last 24 hours, exceeding $17.1 million. This significant rise in the burn rate over the past week has boosted market confidence. [SHIBBurn][Source]
The total number of burned SHIB tokens has increased to 410,745,403,545,103, reducing the circulating supply to approximately 589,254,596,454,896 tokens.
Disclaimer: This analysis is for informational purposes only and does not constitute financial advice. Market conditions are volatile. Conduct thorough research before investing in cryptocurrencies. Codeum is not responsible for any personal financial losses.
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