Shiba Inu (SHIB), the second-largest memecoin by market capitalization, has seen an 8% daily surge following Bitcoin’s surge to $70,000. Amid the market volatility, the token is trying to recover a key resistance level, which could propel the price to a 110% rally. Related Reading: Bitcoin Price Crash Below $70,000: What Does It Have To Do With Whales And The US Presidential Elections? Shiba Inu To See 110% Surge Soon Shiba Inu’s recent performance saw the cryptocurrency display red numbers in several timeframes. Following the market’s most recent pullback, SHIB retraced 13% to its lowest weekly mark of $0.00001632, registered on November 3. However, the token has bounced 12% from its lowest seven-day price, recovering the $0.000018 resistance level on Thursday. SHIB’s performance is seemingly fueled by BTC’s recent jump back to the $70,000 mark, which sent the memecoin above the $0.00001855 resistance before retracing. Moreover, the token’s daily activity increased 67% in the past 24 hours, seeing a daily trading volume of nearly $730 million. Some market watchers highlighted Shiba Inu’s recent performance, suggesting that the token is preparing for a massive rally in the coming days. Analyst Globe of Crypto stated that SHIB is looking positively to retest the resistance of the Descending Broadening Wedge pattern. Per the post, if the 1-day candle surpasses the $0.000019 resistance level, the memecoin could see a breakout from the formation. This zone was a crucial bounce level for Shiba Inu’s 136% rally in early March. As a result, the analyst considers that a successful breakout and reclaim of this level could start a “100-110% bullish wave,” which could propel the price toward the $0.000040 zone. Is $0.000081 The Next Big Target? Crypto analyst Javon Marks predicted a 351% surge toward SHIB’s all-time high (ATH) levels. The analyst noted that Shiba Inu broke out of a multi-month falling wedge pattern in early 2024, which sent the price toward Q1 highs. Since then, the memecoin moved within another multi-month falling wedge formation after registering a 70% correction from its year-high of $0.000043. SHIB broke out of this pattern around the end of Q3, kickstarting the token’s one-month 58% rally. Despite the recent market retrace, the analyst notes that Shiba Inu held above the breakout levels, confirming “a bull pattern with the RSI on the daily chart.” Marks considers that the memecoin’s next leg up is in its early stage, setting the rally’s target at $0.000081. Related Reading: PolitiFi Memecoins Soar: Trump-Themed Tokens Rally 30% Ahead Of US Elections Similarly, another market watcher shared his positive outlook for Shiba Inu’s price. Analyst Investing Haven suggested that SHIB’s current levels are not a cause for concern since “there’s “no long-term trend violation.” To the analyst, the memecoin’s levels to watch are between the $0.0000133-$0.00001444 prince range, as losing this support zone could signal a trend shift. However, Shiba Inu must reclaim the $0.000020 mark to continue its ascending trajectory. As of this writing, SHIB is trading at $0.00001828, an 8% surge in the daily timeframe. Featured Image from Unsplash.com, Chart from TradingView.com
Memecoins are up today, fueled by positive sentiment following Trump’s win in the US presidential elections.
Shytoshi Kusama, the lead developer of Shiba Inu, has unveiled an ambitious proposal to establish a “Strategic Hub for Innovation and Blockchain” (S.H.I.B.) in a United States city aka the “The Silicon Valley of Crypto.” Aiming to transform the selected location into a global epicenter for blockchain technology, the initiative seeks to position the US […]
Shiba Inu’s ecosystem has been expanding rapidly in the past year, thanks in part to Shibarium, its layer-2 platform. Interestingly, recent data shows Shibarium has seen an impressive uptick in activity, with daily transactions reaching 4.68 million in the past 24 hours. At the time of writing, SHIB is trading at $0.00001677 and is back into the negative movement in both the seven-day and 30-day timeframes. However, the uptick in activity has given SHIB investors something to watch closely to see if this momentum could drive the token’s price closer to $0.00008. Shibarium Sees Surge In Transaction Activity According to data from Shibariumscan, 4.68 million transactions were processed on the layer-2 network in the past 24 hours, which essentially kickstarts November on a good month. Speaking of November, it’s only been three days into the month, and Shibarium has already processed more than 13.4 million transactions. Related Reading: Bitcoin Completes Retest Phase: Only One Thing Left For A $110,000 Price By December A closer look at the transaction data reveals a progressive rise in network activity each day. Particularly, data from Shibarium scan shows that 4.21 million transactions were processed on November 1, 4.53 million transactions were processed on November 2, and 4.68 transactions were processed on November 3. Interestingly, this represents an increase of about 103,800% from the 6,540 transactions registered on Sunday, October 27. With this spike in activity, the Shiba Inu community is seeing increased interest in SHIB and related tokens like BONE, which also benefits from Shibarium. The uptick in transaction activity has, in turn, increased the number of BONE tokens recouped as transaction fees, which is also positive in terms of SHIB burns. This is because the accumulated BONE fees on Shibarium are exchanged for SHIB tokens. These SHIB tokens are subsequently burned and permanently removed from circulation, leading to a reduction in the total supply of SHIB. SHIB’s Price To Push Toward $0.00008? Shibarium has undoubtedly been one of the strong pillars of the Shiba Inu ecosystem since its launch. Therefore, the uptick in Shibarium activity is one of the first steps for the SHIB price to return to its all-time high levels of around $0.00008. Related Reading: Bitcoin Flashes Buy Signal After Price Closed 2nd Green Month Candle In A Row At the time of writing, SHIB is trading at $0.00001677 and has lost its footing above $0.000017 in the past 24 hours. While achieving $0.00008 would be a steep climb, sustained growth in Shibarium’s usage could provide a strong foundation for future price gains. Right now, the first step towards a return to $0.00008 would be SHIB bulls creating a price floor around $0.000017 or $0.0000165 that would reject any further declines. Nonetheless, November and the upcoming US elections promise to be a bullish month for SHIB and the wider crypto industry. Featured image created with Dall.E, chart from Tradingview.com
In a post on social media platform X, Lucie, the Shiba Inu marketing lead, expressed expectations for a November bull run and plans to seize the opportunity with a few interesting cryptocurrencies. Adding to the anticipation, the Shiba Inu team member recently emphasized this outlook, predicting that November will be a pivotal month for the […]
The Shiba Inu price movement has been marked by ups and downs in the past seven days. Particularly, the meme coin rallied from $0.00001660 to $0.00001996 in three days before dropping sharply to $0.00001770 in the three days after. This volatile Shiba Inu price action resulted in a fluctuating profitability for many SHIB addresses, with […]
The Shiba Inu burn rate has experienced a dramatic rise, soaring by over 24,271% in just one day. This massive token burn, as reported by the Shibburn tracking platform, coincides with a notable uptick in Shibarium transactions. Considering the significant volume of tokens burned in these large-scale SHIB transactions, this development could potentially serve as a catalyst for a rally, propelling the Shiba Inu price towards the $0.00008 milestone. Shiba Inu Burn Rate And Shibarium Transactions Skyrocket The Shiba Inu community has been filled with optimism as reports of an increase in SHIB burns spread across the crypto market. Just this week, recent data revealed that the Shiba Inu burn rate, which measures the number of tokens permanently removed from circulation, has seen a dramatic increase in the last few days. Related Reading: Dogecoin Bollinger Bands Squeezes Tighter Than It Was Before 2021 Rally, What This Means The Shibburn tracker reported a massive 24,271% increase in SHIB burns in a single day, destroying approximately 5,674,617,337 SHIB tokens. Earlier this week, Shibburn unveiled yet another significant rise in Shiba Inu burns via X. According to the SHIB burn tracking platform, the rate of tokens burned on October 31 had increased by an astounding 373,969.11% in just one day. This massive burn rate resulted in over 5.6 billion SHIB tokens sent to dead wallets. Furthermore, in the last 24 hours Shiba Inu recorded a historic moment as $100,019 worth of SHIB tokens were burnt in a single day. Notably, the SHIB burn rate has not been the only metric rising in the SHIB ecosystem. Lucie, SHIB’s marketing lead revealed in a recent X (formerly Twitter) post, that the daily transactions on the Shibarium Layer-2 network has skyrocketed to 3.89 million, recording a total transaction count of 446,904,690 at the time. The Shiba Inu marketing lead commemorated Shibarium builders, particularly WoofSwap for its steadfast commitment towards driving growth and innovation in the Shibarium ecosystem. Lucie disclosed that last year, WoofSwap had achieved a major milestone for the Shibarium network after they initiated a significant minting push that contributed to Shibarium burning nearly $1 million worth of SHIB tokens. Can Recent Rise In SHIB Burns Fuel Surge To $0.00008? The ongoing increase in SHIB burns, coupled with the recent rise in Shibarium transactions, marks a significant milestone for the Shiba Inu community. This achievement reflects the community’s desire for additional SHIB burns aimed at enhancing the token’s scarcity and driving more demand. Related Reading: PEPE Midterm Price Prediction: Is A 326% Rally To $0.00003474 Possible From Here? Typically, when a cryptocurrency is burnt, it means that it has been completely wiped out of circulation, which often creates scarcity and can lead to a potential price increase as demand for the cryptocurrency rises. In the case of Shiba Inu, the meme coin has a total circulating supply of 589.26 trillion SHIB. Of this substantial supply, 410.7 trillion SHIB tokens have been burned, representing nearly half of its original total supply of 1 quadrillion at its launch hour four years ago. Continuous SHIB burns could see the price of Shiba Inu rallying back to former all time highs of $0.000086. Moreover, the optimism generated from the burns is set to drive demand and potentially fuel gradual increase in the SHIB price to $0.00008. As of writing, the price of Shiba Inu is trading at $0.000017, marking a 2.3% rise in the last 24 hours. A price increase to the $0.00008 mark would require Shiba Inu jumping by approximately 370.59%. Featured image created with Dall.E, chart from Tradingview.com
The Shiba Inu price has seen a slight decline over the past 24 hours, suggesting that some traders may be taking profits after its recent price rally that peaked at $0.00001972. This dip, however, hasn’t dampened the overall bullish outlook for the meme coin. According to predictions from CoinCodex, a machine learning algorithm, the Shiba […]
Markets have started to sell-off, and Bitcoin needs to hold $70,000 for the BTC and altcoin rally to continue.
The Shiba Inu burn rate skyrocketed by 252,910% as $100,000 worth of SHIB tokens was burnt in one transaction. This typically presents a bullish outlook for the Shiba Inu price, but the scam detector platform Susbarium has explained to investors why they should be wary of such token buns. Shiba Inu Burn Rate Skyrockets, But […]
Shytoshi Kusama, the pseudonymous lead developer of Shiba Inu, responded to skepticism about SHIB’s potential to reach a $0.01 price target. The discourse unfolded on social media platform X, where Kusama engaged with critics and highlighted SHIB’s significant growth since its inception. Nick Tomaino, founder and General Partner of crypto-focused fund 1confirmation—backed by notable investors […]
The Dogecoin and Shiba Inu price have witnessed notable price crashes in the last 24 hours. This development looks to be based on a wave of profit-taking that has followed the recent crypto market rally. Dogecoin And Shiba Inu Price Suffer Significant Crash The Dogecoin and Shiba Inu price are down in the last 24 […]
The Shiba Inu price has been on a rampage alongside many other cryptocurrencies. Over the past 24 hours, Shiba Inu has increased by about 4.4% amidst significant investor interest. Recent on-chain data points toward the possibility that this rally may be far from over, as key indicators signal sustained enthusiasm for SHIB. Notably, the SHIB […]
The Dogecoin price is among the best performers following this recent crypto market rally. Meanwhile, Shiba Inu has closely followed behind and has even flipped Avalanche in the process. This development has led to discussions that the meme coin season might be back. Dogecoin Price And Shiba Inu In The Spotlight The Dogecoin price and […]
Bitcoin’s shallow pullback shows buyers are not rushing to the exit and increases the likelihood of a rebound to new all-time highs. Will altcoins follow?
A new bullish price target has been set for the Shiba Inu price, with an analyst revealing the major trigger that could push this top meme coin to the $0.000081 level. This optimistic price forecast follows recent substantial gains experienced by Shiba Inu, indicating a potential for a major rally. Shiba Inu Price Path To […]
Meme coins Dogecoin and Shiba Inu are on double-digit gains in the past 24 hours, leaving many holders in gains overnight. Dogecoin, often hailed as the king of meme cryptocurrencies, has led this rally with a 16% increase in 24 hours, quickly breaking through significant resistance levels at $0.15 and $0.16. The rally isn’t limited […]
Shibarium daily transactions have witnessed an 85% crash, while Shiba Inu burns have dropped by 78%. This has raised concerns in the SHIB community, considering the impact they have on the Shiba Inu price. The Shibarium Transactions And Shiba Inu Burns Shibariumscan data shows that the daily transactions on the layer-2 network crashed from 4.76 […]
The Shiba Inu team has announced the new 2.0 version of the decentralized exchange (DEX) ShibaSwap. Shiba Inu Executive Lucie provided insights into what to expect from this new version of the DEX, a development which could boost network activity on the Shibarium network. Shiba Inu Exec Reveals What To Expect From ShibaSwap 2.0 Lucie […]
Shiba Inu investors have turned bearish amid a wave of sell-offs, which have halted the meme coin’s rally beyond the $0.000018 price level. On-chain analytics platform Santiment has provided insights into why this bearish sentiment could be positive for the Shiba Inu ecosystem. Shiba Inu Investors Turn Bearish Amid Selloffs Shiba Inu investors have turned […]
Bulls aim to knock out Bitcoin’s all-time high before the US elections wrap up. Will altcoins follow?
Major digital assets like Shiba Inu have shifted into bearish territory lately following a downswing in the general crypto market within the week. However, with several positive trends cited around its price, the dog-themed meme coin could be poised for a potential rebound in the coming days. With sentiment around meme coins gradually rising in […]
The Shiba Inu price chart is displaying a new key technical pattern which suggests that a price rally might be imminent. According to crypto analyst, Javon Marks, this technical pattern called a “Hidden Bull Divergence” indicates a potential 330% climb to new price highs. SHIB’s Positive Reaction To Hidden Bull Divergence On Tuesday, October 22, Marks […]
Shiba Inu whale transactions have skyrocketed by a whopping 240%, as large-scale investors have been seen moving trillions of SHIB tokens this week. Considering the significant increase in SHIB whale movements, the price of Shiba Inu could continue its previously halted uptrend to $0.00002. SHIB Whale Activity Spikes New data from IntoTheBlock has shown a […]
Shiba Inu’s Shibarium has witnessed a massive 760% spike in daily transactions, which provides a bullish outlook for the meme coin. The spike in daily transactions has raised questions on what could be driving this growth, with Shiba Inu Marketing Lead Lucie providing some options. Shiba Inu’s Shibarium Sees Massive 760% Spike Shibariumscan data shows […]
Although flying under the radar concerning price movements during Bitcoin’s recent bull run, the dog-themed cryptocurrency Shiba Inu (SHIB) was able to appreciate 8.18% in the last week while Bitcoin reclaimed the $69,000 mark on Friday. Analysts have already predicted further upward potential for this meme coin. Related Reading: Could Bitcoin Break $100,000? Analysts Predict 6-Figure Milestone Analyst Predicts 200% Surge For Shiba Inu Crypto analyst MMBTtrader seems rather positive about the future prospects of Shiba Inu as he expects a 200% increase to $0.000038. As he says, the SHIB had already registered a 75% gain from the $0.000011 support level within the price chart. The altcoin had indeed rallied from the demand zone in the early periods of August and September, accelerated its pace, and settled at $0.000019. For SHIB, MMBTtrader predicts that it will not just consolidate to $0.00003852. As a matter of fact, he expects the higher highs and higher lows pattern where the initial push to May’s highs at $0.000028 will then be corrected to September’s highs at $0.000021. In case those levels hold, the meme coin could pull to the targeted $0.00003852. Conflicting Views: Bearish Outlook From SwallowPremium MMBTtrader still remains bullish about Shiba Inu, but SwallowPremium, on the other hand, is a little more conservative. He says that the cryptocurrency would continue to go up until it hits $0.0000216, and then correct 35% down to $0.000014075. His analysis reads that the downtrend would be triggered by a correction down to $0.0000195, which may be a good time to open a short position. However, Premium also cautions that if SHIB breaks over the price of $0.0000216, a bearish outlook could be invalidated, sending the price much higher than what it has already recorded. Related Reading: TRON Market Cap Hits Nearly $14 Billion On Strong Revenue Growth Shiba Inu’s Price Path Forward Shiba Inu trades at $0.00001925, close to 11% below the level of $0.0000216 resistance. Various predictions made by market experts convey a divergence of sentiment on SHIB trajectory. MMBTtrader projection for a possible 100% increase is based on an underlying conviction for perpetuation of an upward trend. SwallowPremium sounds a note of caution with a ‘critic’ view of correcting it. Shiba Inu’s future price action depends on breaking key resistance levels and maintaining momentum. As SHIB nears crucial price points, traders will watch for breakout signs. The coming weeks will be critical in determining whether it can rise further or face another rejection. Featured image from Pexels, chart from TradingView
Shiba Inu (SHIB) is now priced at about $0.00001783, just below a key resistance zone which means that the market is in a good mood. Market analysts are ready to witness another possible rally in the meme coin space. Related Reading: Market Data Hints At 500x XRP Rally In Upcoming Altcoin Season Crypto influencer Davinci Jeremie noted that during the last bull cycle, Dogecoin (DOGE) reached a market cap of $88.8 billion, while SHIB peaked at $40 billion. The bull run will take the market cap of meme coins to a trillion dollars. Last cycle we saw $DOGE coin hit $88.8 billion market cap & $SHIB hit $40 billion. I think we’ll see memes as an asset class hit close to $1 trillion market cap this cycle — Davinci Jeremie (@Davincij15) October 17, 2024 Currently, the market capitalization of meme coins has surged to $58 billion, although still behind other up-and-coming crypto sectors such as AI-based tokens and real-world asset cryptos, but still a solid amount nonetheless. On the bullish side, investors would have a pretty good chance of significant profits upon its break from resistance levels into $0.000028, with the current momentum at their side, there is hope that the rest of the meme coins might also witness good performance, too. The Current Status Of Meme Coins It might have ended its global trend reversal and gone off a prior downtrend but do not count it out yet since during the late parts of September 2024, SHIB saw a huge spike as it recorded an all-time high at $0.00002135. This peak successfully broke two strong resistance levels which can only mean good for the coin and other meme coins. From the technical analysis from PS Trade, there is a high resistance point that is at $0.00002052 where around 83.75 trillion tokens are kept at this price level. $SHIB Although the price of #SHIBUSDT is still not rising very confidently on the 3-day timeframe, the global downward trend reversal structure is complete. Therefore, our target for this cryptocurrency is 100% growth. pic.twitter.com/DhOcxx3j1T — PS trade (@PStrade2) October 16, 2024 PS Trade said the global downward trend reversal structure is complete even if the price of SHIBUSDT is still not increasing very strongly on the three-day period. For this coin, he said their aim is therefore 100% increase. It was found that by the end of September, a double local top had been formed in two successive days above its high made in the middle of July. However, the strongest resistance band lies between $0.000018 and $0.000020 since 439.16 trillion tokens are dispersed across 45,620 wallets. If the bullish trend of SHIB continues, then it might test the next major hurdle at $0.000028. Related Reading: Analysts On Bitcoin: 2024 US Election Could Steer The Crypto’s Future Shiba Inu: Technical Indicators And Market Challenges Large-position institutional investors pushed SHIB back below $0.000018. As the CMF is still negative at – 0.22, this presents selling pressure from the large holders. Meanwhile, the StochRSI has revealed that SHIB was already entering into an overbought position due to its values oscillating between 71 and 57. That makes it important that the oscillators and charts begin to show signs of short-term volatility and further corrections if the selling pressure continues. However, given the strong bullish setup, a further rally is quite possible. Investors need to keep an eye on key resistance levels as well as technical indicators for further movements in SHIB. Featured image from CNBC, chart from TradingView
Bitcoin bulls are keen to hit $70,000, but a selloff at this level could trigger a sharp downside in BTC and altcoins.
Shiba Inu (SHIB) has witnessed a massive spike in its burn rate in the last 24 hours, providing a bullish outlook for the second-largest meme coin by market cap. This development is significant as the surge in the Shiba Inu burn rate could help spark a SHIB price rally to its current all-time high (ATH) […]
Technical analysis suggests that Shiba Inu is currently positioned at a critical price junction, one that could lead to a massive 400% breakout to the upside. According to an analyst on the TradingView platform, the current Shiba Inu price action is pointing towards a full breakout of a bull flag formation. If this interesting projection were to materialize as anticipated, it would put the meme-inspired cryptocurrency on a steady path to a return towards its current all-time high. Shiba Inu Price Waiting To Break Above Bull Flag Taking to the TradingView platform, the analyst (without_worries) revealed an interesting take after an analysis of the Shiba Inu price action since the beginning of the year. The analyst highlighted a significant correction by examining the 5-day candlestick price chart, noting that Shiba Inu has retraced approximately 75% from its yearly high of $0.00003595. This correction has been marked by a sequence of lower highs and lower lows, giving rise to the creation of a bull flag pattern. Related Reading: Expert Dissects $60 Forecast For XRP Price, Institutional Investors Are The Key The analyst pointed out several reasons why going long on Shiba Inu now presents a favorable opportunity. The most critical factor is the breakout above the bull flag pattern, which often signals the continuation of an upward trend following a period of consolidation. In addition, the Relative Strength Index (RSI) has also provided a bullish signal. For the first time since April, the RSI has broken above a descending trendline and is now trending upward meaningfully. The RSI currently stands at 54.7 on the 5-day chart, relaying the inflow trend among investors. Although there remains the possibility of SHIB retesting the bull flag pattern, the analyst emphasized that if SHIB experiences a second impulsive move, it could trigger a repeat rally similar to the one seen during its last major breakout. During that previous rally, SHIB surged by about 400% to reach a peak of $0.00003595. If history were to repeat itself under similar conditions, Shiba Inu could see its price break above its current 2024 peak and reach a target between $0.00006204 and $0.000074. Bullish Predictions For SHIB The Shiba Inu price action in the past seven days has been highlighted by intense volatility. From October 7 to October 10, the SHIB price tended downward to reach a low of $0.00001613. Since that point up until the time of writing, SHIB has gained about 11.84%, although it has been rejected multiple times at $0.00001809. Related Reading: Whales Accumulate 40 Million XRP In 48 Hours – Where’s The Price Headed? At the time of writing, SHIB is trading at $0.00001809. Another analyst, Javon Marks, is echoing the return to SHIB’s all-time high. According to Marks’ analysis, based on an earlier breakout of a falling wedge pattern, SHIB is now free for a run up to $0.000081. Featured image created with Dall.E, chart from Tradingview.com