TLDR
- SHIB price has increased by 16% to $0.00001553, supported by a 228% increase in trading volume over 30 days
- Burn rate spiked dramatically by 8,470% after an anonymous wallet burned tokens
- Shibarium blockchain’s block count has crossed 10 million, showing increasing network adoption
- Technical indicators including RSI at 61 and bullish MACD crossover suggest continued upward momentum
- Analysts predict SHIB could reach $0.000016 in the short term with potential for further gains if it breaks the $0.00002341 resistance level
Shiba Inu (SHIB) has made a strong move upward, rising 16% this week to reach $0.00001553. This price jump comes with a big increase in trading activity.
The meme coin’s trading volume has grown by 228% over the past 30 days. Daily trading volume is up 114% in just 24 hours, showing growing interest from traders and investors.
SHIB now holds a market cap of around $9 billion. This puts the token on track to potentially enter the top 10 cryptocurrencies by market value.
Burn Rate Explosion
One of the key factors driving SHIB’s price higher is a massive spike in its burn rate. The burn rate has jumped by an incredible 8,470% recently.
This surge happened after an anonymous wallet burned a large number of tokens. When tokens are burned, they are permanently removed from circulation.
Token burning is important because it reduces the overall supply of SHIB. With fewer tokens available, each remaining token can potentially become more valuable.
Technical Indicators
The technical picture for SHIB looks promising for bulls. The token has moved above a key downtrend line, establishing it as major support.
SHIB’s Relative Strength Index (RSI) sits at 61. This indicates strong bullish momentum without yet reaching overbought territory.
The MACD indicator has formed a bullish crossover. This technical signal suggests that upward momentum is building.
Shibarium, the layer-2 blockchain for the Shiba Inu ecosystem, continues to show signs of growth. The network’s total block count has now crossed 10 million.
ShibaSwap 2.0, Shibarium’s decentralized exchange, has played an important role in improving market participation. This development helps SHIB move beyond being just a meme coin.
These ecosystem improvements are adding real utility to SHIB. They’re making the token more practical in the broader crypto market.
Market Sentiment
Trader sentiment appears strongly positive for SHIB. The long-to-short ratio has reached 1.08, indicating more traders are betting on price increases.
Futures open interest for SHIB has jumped 30% to over $166.74 million. This shows growing demand among derivatives traders.
Some market watchers see similarities between current price action and SHIB’s 2021 trajectory. This has led to speculation about a possible parabolic rally ahead.
Analysts have identified a cup-and-handle pattern forming on SHIB’s chart since its all-time high in October 2021. The “cup” completed with SHIB’s March 2024 peak.
Current price movements are finalizing the “handle” portion of this pattern. This formation typically signals a potential breakout.
If SHIB can break above the $0.00002341 resistance level, it could see prices move to $0.00002606. The next major target would be $0.00003306.
Short-Term Price Targets
For the immediate future, analysts believe SHIB could reach $0.000016 if current momentum continues. This represents the first upside target.
A breakout above this level could potentially take prices to $0.000019. However, SHIB must maintain support at $0.000012 for this scenario to play out.
Some optimistic market watchers anticipate a 200% rally. This would potentially boost SHIB’s market cap to around $27 billion.
Looking further ahead, price predictions for 2025 suggest SHIB will trade between $0.0000134 and $0.0000297 by March. This would represent a potential 74.7% return on investment.
By December 2025, estimates place SHIB between $0.0000193 and $0.0000243. This would be a 42.9% ROI from current levels.
For 2026, predictions are even more bullish. SHIB could potentially reach between $0.00005489 and $0.00008854, representing a possible 485% return.
Lucie, Shiba Inu’s marketing lead, recently restated the ambitious target of $0.01 per SHIB. However, she acknowledged that reaching this milestone will take time.
Interestingly, Lucie has also floated the idea of a Shiba Inu ETF. This comes as ETF analyst James Seyffart predicted a 75% chance of ETF approval for rival Dogecoin.
These aspirations show the team is thinking beyond short-term price movements. They’re looking at ways to establish SHIB as a lasting player in the crypto space.
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