Shiba Inu price trades at $0.0000135 today, August 13, with a 4.42% increase in 24 hours. Amid these gains, the burn rate has exploded by more than 48,000%. The transactions done by whales have also surged by 188%. These developments hint that SHIB might get to $0.0000254.
The highs and lows made by the SHIB price from May 11 to now have led to a double bottom. This means that even if the price is not stable, firm support has been created. In the case of Shiba Inu, this support is at $0.000010.
It is worth noting that SHIB has not gone below $0.000010 for months now. This means that is where buyers are getting on board. Besides, for two times now, the price has bounced from this price with a strong uptrend. That uptrend then gets rejected at $0.0000159, which now forms our neckline resistance.
What this performance shows is that there is a chance for the Shiba Inu price to rise. In most cases, the extent to which the price will go after a double bottom emerges is equal to the distance from support to resistance. That means that if the SHIB price goes past $0.0000159, it might be set for a 59% run to $0.0000254.
SHIB/USDT: 1-day Chart (Source: TradingView)What makes this target even more likely is the SMA. Interestingly, the 50-day and the 150-day SMAs have converged. The last time this happened, Shiba Inu price went from $0.0000168 to $0.000033 in less than two months.
In most cases, history does rhyme. However, even if there is no guarantee that it will happen again, the RSI is still in favor of bullish traders. That means that getting to $0.0000254 is not an unachievable target for Shiba Inu.
It is still worth noting that getting to $0.0000254 is part of a short-term SHIB target. As for how high the price can go based on a Shiba Inu price forecast 2025, higher levels might be in the pipeline.
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SHIB Burn Rate Explodes as Whale Transactions Rise
Data from Shibburn also favors a Shiba Inu price rally. This is because the SHIB burn rate has increased by more than 48,000%. Due to this, more than 87 million tokens have been taken to burn addresses.
Looking at 87 million against a total supply of 589 trillion tokens is a drop in the ocean. Even so, each time the burn rate soars, the SHIB price tends to spike. Therefore, if these burns can continue to increase like they are doing now, it might end up being bullish for Shiba Inu.
At the same time, whales are also jumping in now. Their transactions increased from 1.28 trillion to 3.69 trillion in just two days, per IntoTheBlock data. This is an increase of more than 188%. What this shows is that whales are beginning to increase their exposure to Shiba Inu.
To sum up, Shiba Inu price appears to have charted its path to $0.0000254. Not only is a bullish crossover playing a role in this surge, but whales and a burn rate are also increasing. As this continues, more gains might be on the way.
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Frequently Asked Questions (FAQs)
Why is Shiba Inu price gaining today?
Shiba Inu price is gaining today because of a recovery across the broader crypto market.
How will the SHIB burn rate affect price?
If the SHIB burn rate continues to increase like it is doing now, the price of Shiba Inu will likely continue surging.
Are whales buying or selling SHIB?
Given that the price is surging, the surging whale transactions could be stemming from buying activity.
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Shiba Inu Price Forecast as Burn Rate Explodes 48,000% and Whale Transactions Soar - Is $0.0000254 Next?
Shiba Inu price trades at $0.0000135 today, August 13, with a 4.42% increase in 24 hours. Amid these gains, the burn rate has exploded by more than 48,000%. The transactions done by whales have also surged by 188%. These developments hint that SHIB might get to $0.0000254.
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Shiba Inu Price Eyes $0.0000254 Amid Bullish Pattern Formation
The highs and lows made by the SHIB price from May 11 to now have led to a double bottom. This means that even if the price is not stable, firm support has been created. In the case of Shiba Inu, this support is at $0.000010.
It is worth noting that SHIB has not gone below $0.000010 for months now. This means that is where buyers are getting on board. Besides, for two times now, the price has bounced from this price with a strong uptrend. That uptrend then gets rejected at $0.0000159, which now forms our neckline resistance.
What this performance shows is that there is a chance for the Shiba Inu price to rise. In most cases, the extent to which the price will go after a double bottom emerges is equal to the distance from support to resistance. That means that if the SHIB price goes past $0.0000159, it might be set for a 59% run to $0.0000254.
SHIB/USDT: 1-day Chart (Source: TradingView)What makes this target even more likely is the SMA. Interestingly, the 50-day and the 150-day SMAs have converged. The last time this happened, Shiba Inu price went from $0.0000168 to $0.000033 in less than two months.
In most cases, history does rhyme. However, even if there is no guarantee that it will happen again, the RSI is still in favor of bullish traders. That means that getting to $0.0000254 is not an unachievable target for Shiba Inu.
It is still worth noting that getting to $0.0000254 is part of a short-term SHIB target. As for how high the price can go based on a Shiba Inu price forecast 2025, higher levels might be in the pipeline.
Advertisement Advertisement
SHIB Burn Rate Explodes as Whale Transactions Rise
Data from Shibburn also favors a Shiba Inu price rally. This is because the SHIB burn rate has increased by more than 48,000%. Due to this, more than 87 million tokens have been taken to burn addresses.
Looking at 87 million against a total supply of 589 trillion tokens is a drop in the ocean. Even so, each time the burn rate soars, the SHIB price tends to spike. Therefore, if these burns can continue to increase like they are doing now, it might end up being bullish for Shiba Inu.
At the same time, whales are also jumping in now. Their transactions increased from 1.28 trillion to 3.69 trillion in just two days, per IntoTheBlock data. This is an increase of more than 188%. What this shows is that whales are beginning to increase their exposure to Shiba Inu.
To sum up, Shiba Inu price appears to have charted its path to $0.0000254. Not only is a bullish crossover playing a role in this surge, but whales and a burn rate are also increasing. As this continues, more gains might be on the way.
Advertisement
Frequently Asked Questions (FAQs)
Shiba Inu price is gaining today because of a recovery across the broader crypto market.
If the SHIB burn rate continues to increase like it is doing now, the price of Shiba Inu will likely continue surging.
Given that the price is surging, the surging whale transactions could be stemming from buying activity.
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