Shiba Inu (SHIB) Price Poised to Rally to New Highs Despite Bearish On-Chain Metrics, Analyst Says

The total number of Shiba Inu's addresses has reached a new all-time high (ATH), sparking a bullish sentiment for the meme coin.

Shiba Inu (SHIB) price seems to be preparing for a breakout from a technical pattern that could lead to gains of over 422%.

A new all-time high (ATH) for Shiba Inu’s addresses has sparked a bullish outlook for the meme coin. Despite the SHIB price lagging behind, the possibility of a bullish reversal and rally to new highs is emerging.

Shiba Inu’s Addresses Rise 4.6 Million To New ATH

Data from IntoTheBlock shows that Shiba Inu’s addresses have risen by just over 4.6 million to reach a new all-time high. The number of addresses has been steadily climbing for a while now and quickly picked up pace towards the end of last year when the SHIB price reached a local high of around $0.000033.

It is worth mentioning that the surge in Shiba Inu’s addresses has occurred due to a rise in the number of addresses with zero balances. This refers to the number of wallets holding zero SHIB. Nonetheless, the surge in the number of addresses could still be bullish for the SHIB price, especially as they begin to accumulate the meme coin.

However, some other on-chain metrics still provide a bearish outlook for the SHIB price. Further data from IntoTheBlock shows that the ‘In The Money’ metric is bearish, as 54% of Shiba Inu holders are out of the money. This puts the SHIB price at risk of more sell pressure as these holders look to cut their losses.

Furthermore, Shiba Inu’s large transactions are down over 10%, which is also bearish for the SHIB price. The drop in the number of large transactions indicates that crypto whales aren’t accumulating the meme coin at the moment amid the current market downtrend. Whale accumulation is significant as it always precedes a price rebound. Similarly, the ‘Concentration’ metric is also bearish, indicating that current SHIB whales aren’t adding to their positions but instead offloading their coins.

SHIB Still Bound To Reach A New ATH

Since the beginning of 2025, the SHIB price has continued to underperform, with a year-to-date (YTD) loss of over 26%. However, crypto analyst Javon Marks has predicted that the Shiba Inu price will still reach a new ATH. In an X post, the analyst stated that Shiba Inu, in a larger sense, looks to have broken out of an extremely notable falling wedge pattern.

As a result, the analyst remarked that the Shiba Inu price could be set for a run to a new ATH. Marks added that this run could consist of an over 422% increase to $0.00008841 and even higher.

Meanwhile, it is worth noting that amid the bearish on-chain metrics, Shiba Inu’s burn rate provides a bullish outlook for the SHIB price. The burn rate has surged by over 149% in the last 24 hours, with 35 million SHIB burned during this period.

At the time of writing, the Shiba Inu price is trading at around $0.000015, down in the last 24 hours, according to data from CoinMarketCap.