Shiba Inu (SHIB) Price Breakout Can Trigger 81% Upside

Shiba Inu price is showing signs of a potential bullish reversal as it breaks out of a falling wedge pattern on the daily timeframe.

Shiba Inu price has experienced significant volatility over the past week but has managed to hold above the critical $0.0000125 support level. As a result, large-volume transactions and an increasing SHIB burn rate are emerging as potential catalysts that could propel the second-largest meme coin higher.

Shiba Inu Price Breakout Can Trigger 81% Upside

Shiba Inu price is showing signs of a potential bullish reversal as it breaks out of a falling wedge pattern on the daily timeframe. The daily chart shows SHIB trading within a descending channel that has been in place since December 2024, with the price recently testing the upper boundary of this channel, clocking in a high of $0.0003 and a low of $0.0002 during this period.

A breakout from this descending channel can trigger the next SHIB bull rally with a potential target of 81% on the upside. Some market analysts are also predicting a 17x Shiba Inu rally from here onwards.

Shiba Inu Transaction Volumes on the Rise

With the Shiba Inu price staging a rebound to $0.0003 yesterday, the network has witnessed a large transaction volume for the same. On-chain data from IntoTheBlock revealed a significant spike in large Shiba Inu transactions, each valued at $100,000 or more, on March 20.

This coincided with the SHIB price seeing a surge past $0.0003 levels for the first time in a week. The total volume of these transactions rose to 7.49 trillion SHIB, valued at over $97 million at the $0.0003 price point. Thus, it shows a massive 197% jump from the 2.52 trillion SHIB traded the previous day.

Over the last weekend, the SHIB transactions dropped to a low of 571 billion. However, whale activity has resumed once again showing potential interest from big players. The latest spike of 7.49 trillion SHIB marks the highest transaction volume in nearly two months.

SHIB Burn Rate on the Rise

As per the data from SHIBBurn, the overall Shiba Inu burn rate has surged by 21% in the last 24 hours, now moving past $17.1 million. Over the past week, we have seen a strong surge in the SHIB burn rate thereby raising overall market optimism surrounding the meme coin.

Following the latest burn event, the total number of Shiba Inu tokens permanently removed from circulation has climbed to 410,745,403,545,103. This brings the circulating supply down to approximately 589,254,596,454,896 tokens.