Is Shiba Inu Coin On Track To Surpass The $0.00002600 Mark?

• Shiba Inu burned 44.6B SHIB worth $991K in 2024. However, the community sees the burn rate insufficient for principal supply reduction.
• Whale withdrew $4.63M SHIB from Binance, sparking speculation of a potential price rally.

Shiba Inu (SHIB) has seen a notable surge in its burn rate. That was combined with whale activity, which pointed toward increased user optimism.

According to the Shibburn platform, 44.6 billion tokens were burned from the Shiba Inu ecosystem in 2024. The Shiba Inu coin team and its community made this burn effort possible.

The burnt tokens had an approximate value of $991,090 as per the current value of the memecoin. However, the valuation changed because the burns occurred at a price level other than average throughout the year.

Meanwhile, the community complained that the burn rate is insufficient to reduce the 564 trillion token supply. Numerous urged more burn efforts to produce a much larger effect.

At press time, the Shiba Inu price traded at $0.00002331. The token noted an intraday rise of over 2.30%, showing a rebound from the demand zone. Its market cap soared to $13.74 Billion, ranking 14th among the top crypto coins.

Shiba Inu Whale Activity

A single Shiba Inu whale with the address has moved out 220 billion SHIB worth $4.63 Million from Binance. It has created much debate on the likelihood of a price spike. This particular attracted a lot of attention within the crypto community.

This transaction occurred when the Shiba Inu coin was experiencing consolidation. The token fluctuated between $0.000021 and $0.000023 during the holiday period.

Some analysts have perceived this consolidation as an opportunity for an actual breakout. The opportunity grows, especially with large holders returning to the market.

Analyst Sees $0.00005680 Target with 140% Upside Potential

In a recent post on X, Daniel Ramsay made projections on the SHIB token. The analyst mentioned that the Shiba Inu price chart formed a cup and handle pattern on the monthly time frame.

According to the analyst, the Shiba Inu coin price was edging closer to breaching its neckline barrier of $0.00002800. Moving further, it could see a massive upswing ahead.

The Shiba Inu coin could see a potential 140% rise toward $0.00005860 in a successful breakout. That would be followed by $0.00008840.

Another analyst, DANY, said a strong bullish candle was observed on the daily charts. According to his analysis, the Shiba Inu price could rise by 50% to $0.00003200 in the coming days.

SHIB Price Prediction Based on the Market Sentiment

During the daily timeframe, the Shiba Inu coin has received support near the demand zone of $0.0000200. It showed a notable rebound in the recent sessions. Over the past seven days, SHIB price rebounded over 5% and crossed the 20-day EMA mark.

Data from Coinglass showed that the Open Interest (OI) has risen over 8.48% to $64.35 Million. This conveyed prolonged buildup activity in the past 24 hours.

Furthermore, the Long/Short Ratio highlighted bullish bias as 57% of long contracts exist versus 43% of shorts. The immediate support zones for the Shiba Inu coin were $0.00002000 and $0.00001820. On the other hand, the resistance zones were $0.00002700 and $0.00003200.

Disclaimer

This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.