TLDR
- Shiba Inu’s price has risen by 4.42% in the last 24 hours, currently trading at $0.0000135.
- The burn rate has increased by more than 48,000%, contributing to upward price pressure.
- Whale transactions surged by 188%, signaling increased institutional interest in Shiba Inu.
- The Shiba Inu price formed a double-bottom pattern, with strong support at $0.000010.
- If the price breaks resistance at $0.0000159, it could rise by 59% to $0.0000254.
Shiba Inu’s price is currently trading at $0.0000135 on August 13, showing a 4.42% increase over the last 24 hours. Along with the price rise, the burn rate has surged dramatically by more than 48,000%. Whale transactions have also increased by 188%, signaling a shift in market activity. Analysts predict that Shiba Inu could reach $0.0000254 in the near future if current trends continue.
Shiba Inu’s Recent Performance: A Positive Price Trend
The Shiba Inu price has formed a double-bottom pattern between May 11 and now, which often signals a potential upward movement. The price has consistently bounced from a solid support level at $0.000010, which has remained unbroken for several months. This pattern suggests strong buyer interest at this level, with resistance found at $0.0000159, forming the neckline for a potential breakout.
With the recent price trends, analysts expect the price to move past this resistance level. If the Shiba Inu price crosses $0.0000159, the target could be $0.0000254, marking a 59% potential increase from current levels. In addition, the convergence of the 50-day and 150-day SMAs supports the possibility of further upward movement. This is similar to a previous instance when a similar crossover resulted in significant gains.
- SHIB:USDT- 1-day Chart Source: TradingView
The Burn Rate Surge: A Key Driver for Shiba Inu Price Forecast
Shiba Inu’s burn rate has skyrocketed by more than 48,000%, with over 87 million tokens being burned recently. Although this represents a small fraction of the total supply of 589 trillion tokens, the high burn rate tends to drive positive price action. This surge in burning is expected to keep momentum in the Shiba Inu price forecast, adding pressure on supply and potentially increasing demand.
The Shiba Inu community has been actively participating in these burn initiatives, and if this trend continues, the scarcity effect could further boost the price. The more tokens burned, the fewer remain in circulation, which could create upward price pressure. As the burn rate continues to rise, the Shiba Inu price will likely experience further bullish movements.
Whale Activity Increases: A Signal for Price Surge?
Whale transactions have also surged significantly in recent days. Data from IntoTheBlock reveals that whale transactions increased from 1.28 trillion to 3.69 trillion Shiba Inu tokens within just two days, marking a 188% jump. This surge in whale activity indicates increased institutional interest and could point to future price increases.
When whales increase their positions in a cryptocurrency, it often signals a strong belief in its future potential. Given this surge in whale transactions and the explosive burn rate, the Shiba Inu price forecast suggests that $0.0000254 is within reach. As the buying pressure from both whales and the burn rate continues to rise, the path to further gains appears more likely.
Shiba Inu’s price shows a clear path to a potential rise to $0.0000254. The convergence of technical indicators, rising burn rates, and increasing whale activity all suggest that the current price trend could continue.
