TLDR
- SHIB price shows bullish falling wedge pattern according to analyst ALLINCRYPTO
- Token burn rate increased by 1300% with 27.82 million SHIB burned in 24 hours
- Current trading price is $0.00001272 with a 2.19% daily increase
- Large investors (whales) control 58.49% of all SHIB tokens
- CoinCodex predicts SHIB could reach $0.00002392 by April 25, representing an 88.48% increase
Market watchers have turned their attention to Shiba Inu as technical indicators suggest a potential price surge for the popular meme coin. With a sharp increase in token burns and favorable chart patterns, SHIB appears to be positioning for upward movement in the coming days.
The current price of Shiba Inu stands at $0.00001272, representing a 2.19% gain over the last 24 hours. This upward movement comes with a 60% increase in daily trading volume, which now totals $145.46 million.
Crypto analyst ALLINCRYPTO recently shared a bullish outlook for SHIB on social media platform X. According to the analyst, Shiba Inu has formed a falling wedge pattern on its longer timeframe charts, which typically signals an impending trend reversal.
Shiba Inu $SHIB Upside expected, falling wedge likely resulting in the pullback being reversed ⏰ pic.twitter.com/4iT6Kpvq9V
— ALLINCRYPTO (@RealAllinCrypto) April 23, 2025
The pattern consists of two converging, downward-sloping lines that connect the highs and lows of the price action. In SHIB’s case, this pattern has been developing since December last year through April.
Token Burns Heat Up
One of the most eye-catching developments for Shiba Inu has been the dramatic increase in its burn rate. Data from tracker Shibburn reveals a 1300% surge in token burns over the past 24 hours, with 27.82 million SHIB removed from circulation.
Token burning is the process of permanently removing coins from the available supply by sending them to an unusable wallet address. This reduction in supply, if paired with steady or increasing demand, can create upward pressure on price.
The recent burn activity has generated excitement among SHIB holders who view it as a positive catalyst for price action. With fewer tokens in circulation, each remaining token may become more valuable if market interest continues to grow.
The broader crypto market has been performing well recently, with Bitcoin reaching prices as high as $94,000 in the past week. Shiba Inu has participated in this market-wide movement, adding over 11% to its value in the last seven days.
Technical analysis from CoinGape indicates that bulls have control of SHIB price action according to the 3-month bias indicator. Their analysis suggests the token could reach $0.00001410 by the end of April.
Whale Watching
The ownership structure of Shiba Inu reveals interesting dynamics within its ecosystem. Reports show that large investors, commonly referred to as whales, hold a dominant position with control of 58.49% of all SHIB tokens.
This concentration means that smaller investors account for only 41.51% of the token’s ownership. While a price increase would benefit all holders, the whales stand to gain the most from any major rally.
The futures open interest for Shiba Inu has also seen an increase, reaching $162.85 million according to data from Coinglass. This metric suggests growing interest from traders in taking positions on SHIB’s future price movements.
Looking ahead, CoinCodex has published particularly optimistic predictions for Shiba Inu. Their data forecasts a 117% price increase on April 24, followed by an 88.48% rise on April 25, which would take SHIB to $0.00002392.
The Shiba Inu community has weathered what was described as a slow weekend for the token. However, the asset kicked off the new week on a positive note, appearing ready to recapture market attention.
The combination of technical patterns, burn rate activity, and market predictions has created a sense of optimism around SHIB. The falling wedge pattern identified by analysts typically precedes a trend reversal, which could mean an end to the months-long pullback.
Market participants are closely monitoring SHIB charts for confirmation of a breakout from the falling wedge pattern. Such a breakout, especially if accompanied by increased trading volume, would add credibility to the bullish forecast.
With multiple factors aligning favorably, Shiba Inu holders are watching for signs that the token is ready to make its next move. The coming days may prove crucial for determining whether SHIB can realize the gains predicted by analysts.
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