Shiba Inu (SHIB) Price Surges Past $0.000015 Levels Amidst Growing Bullish Momentum

Shiba Inu (SHIB) price has seen strong bullish momentum, gaining another 13.5% and shooting past $0.000015 levels

Shiba Inu price is showing strong bullish momentum as it soared by 13.5% over the last 24 hours to shoot past $0.000015 levels. The recent rally comes amid a sharp surge in the SHIB burn rate and improving sentiment for the world’s second-largest meme coin.

Shiba Inu price is currently trading at $0.00001506 at press time, having risen by 13.5% over the last 24 hours. SHIB also saw a 70% increase in its daily trading volume to $370 million. This showcases the fact that there’s a huge demand for the meme coin among traders.

The recent price pump also comes after DEFI researcher, CryptoELITES, pointed out the possibility of a 12x rally in Shiba Inu price amid the formation of a cup-and-handle pattern on the technical chart. Since reaching its all-time high of $0.0008854 in October 2021, SHIB’s price movement has been carving out a cup-and-handle pattern. The “cup” was fully formed with Shiba Inu’s March 2024 peak at $0.00004567, while the “handle” is now nearing completion.

Popular crypto analyst CryptoELITES predicted a 12x surge in Shiba Inu price amid the formation of a cup-and-handle pattern on the technical chart. Since reaching its all-time high of $0.0008854 in October 2021, SHIB’s price movement has been carving out a cup-and-handle pattern. The “cup” was fully formed with Shiba Inu’s March 2024 peak at $0.00004567, while the “handle” is now nearing completion, as shown in the image below.

Shibaa Inu price could be closely following the trajectory of the 2021 altcoin season, and is on the verge of staging a parabolic rally, amid the recent surge in SHIB burn rate. According to the price predictions by several analysts, the meme coin could see a minimum of 200% price rally which would take its market cap to nearly $27 billion. While other players expect an even bigger rally where the meme coin could give as high as 12x gains or 1,100% returns.

This would be possible if the meme coin manages to break out of the lower timeframe patterns and continues to rally in sync with Bitcoin price which is also expected to play a key role in the upcoming bull market.

Shiba Inu’s marketing lead LUCIE has also agreed to this possibility by retweeting regarding the same. Furthermore, Lucie recently emphasized the potential for Shiba Inu to reach the $0.01 price milestone. However, she acknowledged that achieving this level could take time and encouraged the Shiba Inu community to remain patient.

"We can dream, can't we?" LUCIE responded to a user's suggestion about an ETF. "Maybe one day, if SHIB keeps heating up and the market is open to it, we might see a meme-coin ETF!"

Recently, the Shiba Inu ecosystem has seen consistent growth and development while the sharing the plans of the future. Lucie also tossed the idea of getting a Shiba Inu ETF to the