Shiba Inu (SHIB) has held firm above the key $0.0000125 support level despite recent price fluctuations, keeping bullish hopes alive. According to technical indicators, the token could be on the verge of a significant breakout.
One of the most notable bullish signals is the emerging falling wedge breakout pattern. This formation could set the stage for a potential 81% price surge, according to several analysts. Some even speculate that SHIB could experience a 17x increase from current levels—a projection that’s reigniting investor excitement.
Whale Activity Spikes as SHIB Hits $0.00001367
On March 20, Shiba Inu surged past the $0.000013 mark, coinciding with a massive uptick in large transactions. Data from IntoTheBlock revealed a sharp increase in $100,000+ transactions, totaling 7.49 trillion SHIB—worth approximately $97 million.
This marks a 197% rise compared to the 2.52 trillion SHIB moved just a day earlier. Notably, this was the highest transaction volume SHIB has seen in the last two months. The return of whale interest is seen as a highly bullish development, hinting at strong market conviction.
Burn Rate Accelerates, Supply Shrinks
Shibburn data indicates that the SHIB burn rate jumped by 21% in the past 24 hours, with around $17.1 million worth of SHIB permanently removed from circulation.
To date, over 410 trillion SHIB tokens have been burned, and the total circulating supply has dropped to 589 trillion. This deflationary trend could place upward pressure on the price, supporting a bullish case.
Price Targets Climb Amid Growing Optimism
Technical experts have started revising their SHIB price targets following recent market activity. The projected 81% breakout places the next target near $0.000023, based on current levels.
Some analysts are even more optimistic, with price models forecasting a potential 17x increase. While such forecasts depend heavily on broader market sentiment and retail demand, the combination of increased whale transactions and reduced token supply could make this scenario more feasible.
Investors are approaching the current rally signals with cautious optimism. Still, on-chain metrics suggest strong undercurrents that may push SHIB into the spotlight once again. If momentum holds, The Bit Journal believes Shiba Inu could soon reclaim its position as one of the most talked-about cryptocurrencies in the market.
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The price predictions and financial analysis presented on this website are for informational purposes only and do not constitute financial, investment, or trading advice. While we strive to provide accurate and up-to-date information, the volatile nature of cryptocurrency markets means that prices can fluctuate significantly and unpredictably.
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