Shiba Inu (SHIB) Price Prediction: 81% Surge to $0.000023 as Whale Activity and Burn Rate Soar

Shiba Inu (SHIB) has recently been showing strong signs of potential growth, despite some price drops in the market.

Shiba Inu (SHIB) has recently been showing strong signs of potential growth, despite some setbacks in the market. Currently trading at $0.0000127, SHIB is experiencing increased whale activity and a massive surge in its burn rate, both of which could lead to a significant price rally.

This potential growth is also being recognized by analysts, who are predicting a potential 81% surge for SHIB, potentially bringing its price to $0.000023. This forecast is based on several factors, including the ongoing bullish reversal pattern, rising whale interest, and the shrinking supply due to burns.

Shiba Inu Price Surges 81% As Unnamed Crypto Analyst Predicts 17X Rally

The price of Shiba Inu has been moving within a falling wedge pattern on its 1-day chart since December 24. A falling wedge is usually interpreted as a bullish reversal signal, showing a gradual decrease in price but with decreasing volatility, often leading to a breakout.

SHIB is currently testing a breakout level at around $0.0000129, signaling a possible trend reversal. If it manages to break through this resistance point, analysts predict that the price could rise by as much as 81.63%, targeting around $0.000023.

This prediction is shared by several analysts, with one on X, formerly known as Twitter, even forecasting a massive 17x rally for SHIB in the near term. According to the analyst, who goes by CryptoELITES, the coin’s price could experience a sharp surge if the breakout holds and SHIB manages to maintain its bullish momentum.

However, SHIB faces significant resistance levels that could hinder its ability to rally further. The coin has been trading in a tight range between $0.0000125 and $0.00001365, and the real battle occurs at the $0.000014 resistance.

At this level, there are approximately 236 billion SHIB tokens, making it a critical zone for price action. If SHIB manages to break above this level, the next major resistance will be between $0.000014 and $0.000019, where a large accumulation of 548 trillion SHIB tokens is located.

On the downside, if SHIB fails to hold the $0.0000125 level, the next support level could be around $0.0000115. SHIB has faced repeated rejections at the $0.000014 level, which has kept its price in check. A successful breakout past this resistance would likely trigger the anticipated price rally.

Huge Transaction Volume As Whales Dump A Massive 7.49 Trillion SHIB In Past Few Days

Whale activity has been an important factor driving SHIB’s recent movement. In the past few days, large transactions involving Shiba Inu tokens have surged, with 7.49 trillion SHIB being moved in large transactions, marking the highest volume in two months.

This increased whale interest is seen as a bullish sign, signaling that major players are preparing for potential price movements. As a result of these transactions, the total value of SHIB tokens moved in the last 72 hours amounts to $90 million.

In addition to whale activity, the SHIB burn rate has surged by 2227% in the last 24 hours. Over $18.6 million worth of tokens have been removed from circulation, contributing to a decrease in the total supply. This drop in available tokens could lead to upward price pressure as the supply tightens.

This burning initiative is a community-driven effort to decrease the circulating supply and potentially increase the value of SHIB tokens. Several projects and individuals are actively burning tokens to support the ecosystem and drive up the price.

So far, a total of 410.7 trillion SHIB tokens have been burned, reducing the circulating supply to around 589 trillion. As the burning activity continues, it could make the token more scarce and potentially more attractive to investors.