SHIB Eyeing to Yield 100% Returns this Quarter as JetBolt Electrifies Crypto Whales

A cooler-than-expected inflation figure is lighting up the market, creating a bullish environment for risk assets to thrive, including meme coins.

Amid broader market optimism following the release of the US Producer Price Index (PPI) data, which showed an inflation rate lower than the anticipated 3.5%, Shiba Inu (SHIB) experienced a surge in buying pressure, reaching a trading high of $0.00002281 on January 16th. The meme coin also saw a significant increase in transaction volume, rising from 3.14 trillion SHIB to 4.49 trillion.

As the SHIB community continues to burn tokens at a rapid pace, the Shibburn platform reported that over 19,291,423 SHIB tokens were burned and transferred to unspendable wallets over the past two days, leading to a remarkable 104% increase in the burn rate.

According to IntoTheBlock data, Shiba Inu’s transaction volume surged to 4.49 trillion SHIB on January 16th, up from 3.14 trillion the previous day. This increase signifies heightened network activity and growing interest in the meme coin. The spike could also be linked to whale activity, accumulation, or preparations for significant market events.

After hitting a low of $0.00002002 on January 13th, SHIB gradually recovered, peaking at $0.00002281 on January 16th. The next key resistance level for SHIB is the daily SMA 50 at $0.00002485. A breakout above this level could trigger a substantial rally, while the daily SMA 200 at $0.000019 serves as crucial support that SHIB must defend to sustain its upward momentum.

While SHIB fans may be hoping for a 100% yield this quarter, that might be pushing it a bit. For SHIB to rally, the meme coin will have to break above key price points, alongside increased market-wide inflows.