TLDR
- Analyst ALLINCRYPTO predicts Shiba Inu (SHIB) price is set for a major pump based on a falling wedge pattern
- SHIB burn rate has surged 1300% in 24 hours with 27.82 million tokens burned
- The cryptocurrency has gained over 11% in the past seven days
- Whales dominate the SHIB ecosystem, owning 58.49% of tokens
- CoinCodex predicts potential 88.48% rise by April 25, with price reaching $0.00002392
Shiba Inu’s price is gaining attention from traders and investors as multiple indicators suggest a potential upward movement in the coming days. Currently trading at $0.00001272, SHIB has shown resilience in recent market conditions.
The popular meme coin has added over 11% value in the past seven days. This comes as the broader cryptocurrency market shows signs of recovery, with Bitcoin reaching as high as $94,000 during the same period.
Market analyst ALLINCRYPTO shared a bullish prediction on April 23, pointing to a falling wedge pattern on SHIB’s broader timeframe charts. This technical pattern often signals a reversal from downtrend to uptrend.
Technical Analysis Suggests Upward Movement
According to ALLINCRYPTO, Shiba Inu has experienced a pullback since December last year through April. During this period, the token formed a falling wedge pattern consisting of two downward-sloping, converging trend lines.
Shiba Inu $SHIB Upside expected, falling wedge likely resulting in the pullback being reversed ⏰ pic.twitter.com/4iT6Kpvq9V
— ALLINCRYPTO (@RealAllinCrypto) April 23, 2025
The upper trend line indicates key resistance levels, while the lower line shows support levels. This pattern typically precedes a trend reversal, suggesting that SHIB may be preparing for an upward price movement.
The 24-hour trading volume for SHIB has surged by over 60% to $145.46 million, indicating increased market interest in the token.
Burn Rate Soars
One of the most eye-catching developments is the massive increase in SHIB’s burn rate. Data from tracker Shibburn shows that 27.82 million tokens were burned in a 24-hour period.
This represents a 1361% surge in the intraday burn rate. Token burning reduces the overall supply of a cryptocurrency, which can potentially increase its value if demand remains constant or grows.
The reduction in supply through burning has historically been viewed positively by the SHIB community as it could help drive up the token’s price over time.
Whale Dominance in the Ecosystem
The Shiba Inu ecosystem is largely dominated by whale investors, who control 58.49% of the tokens. Other investors account for only 41.51% of holdings.
This concentration of ownership means that any price increase would disproportionately benefit these large investors. It also suggests that major price movements could be influenced by the actions of a relatively small number of market participants.
Whales typically have the ability to move markets through large buy or sell orders, making their behavior an important factor to watch for SHIB investors.
Recent data from CoinGlass shows that SHIB’s futures open interest has jumped to $162.85 million. This metric indicates growing interest in trading SHIB derivatives and adds weight to the bullish outlook.
Price Predictions
Analytics firm CoinCodex has made some optimistic predictions for SHIB in the coming days. Their data suggests that the token could see an 88.48% rise by April 25, potentially reaching $0.00002392.
CoinGape’s prediction shows that bulls currently dominate the meme coin according to the 3-month bias indicator. Their analysis suggests SHIB could reach as high as $0.0000141 by the end of April.
SHIB started the week trading at a low of $0.00001211 and reached a high of $0.00001279, marking a 2.19% increase during this period.
The combination of technical patterns, increased burn rate, and positive market sentiment has created a potentially favorable environment for SHIB price growth in the near term.
Market watchers will be closely monitoring the token’s performance to see if these bullish predictions materialize in the coming days and weeks.
