Shiba Inu rises 4.42% to $0.0000135 as burn rate jumps 48,000% and whale activity grows, targeting $0.0000254 on a bullish double bottom setup.
Today, August 13, the price of Shiba Inu is $0.0000135, up 4.42% in a day. The burn rate has skyrocketed by over 48,000% amid these gains.
Whale transactions have also increased by 188%. These changes raise the possibility that SHIB will reach $0.0000254.
Shiba Inus Price Is $0.0000254 During Formation Of Bullish Patterns
A double bottom has resulted from the SHIB price’s highs and lows since May 11.
This indicates that strong support has been established despite the unstable price.
This support for Shiba Inu is located at $0.000010.
Notably, SHIB has not dropped below $0.000010 in several months.
This indicates that buyers are joining in there. In addition, the price has recovered strongly from this point on two separate occasions.
Then, around $0.0000159, that upward trend is repelled, forming our neckline resistance.
This performance indicates that there is a possibility that the price of Shiba Inus will increase.
When a double bottom appears, the price typically moves as far as the space between support and resistance.
This implies that the SHIB price may be poised for a 59% run to $0.0000254 if it surpasses $0.0000159.
The SMA increases the likelihood of this target. It’s interesting to see convergence between the 50-day and 150-day SMAs.
The price of Shiba Inu increased from $0.0000168 to $0.000033 in less than two months, the previous time this occurred.
History does rhyme most of the time.
The RSI still favors bullish traders, albeit there is no assurance that it will occur again.
Thus, reaching $0.0000254 is not an impossible goal for Shiba Inus.
It is nevertheless important to remember that reaching $0.0000254 is a short-term SHIB aim.
According to a Shiba Inu price projection for 2025, additional price increases may be on the horizon.
SHIB Burn Rate Rises With Increase In Whale Transactions
Shibburn data also supports a price increase for Shiba Inus.
This is due to a more than 48,000% rise in the SHIB burn rate.
Over 87 million tokens have been stolen to burn addresses as a result.
Considering there are 589 trillion tokens, 87 million is a drop in the ocean.
Nevertheless, the price of SHIB tends to rise once the burn rate climbs.
As a result, it is positive for Shiba Inus if these burns keep growing the way they are.
Whales are now jumping in at the exact moment.
According to IntoTheBlock data, their transactions jumped from 1.28 trillion to 3.69 trillion in just two days.
This is a rise of over 188%. This indicates that whales are starting to interact with Shiba Inus more frequently.
In conclusion, the price of Shiba Inu has found its way to $0.0000254.
A bullish crossing, an increase in whales, and a burn rate drive this surge.
There may be more wins to come as this goes on.
