Shiba Inu (SHIB), the second-largest meme coin by market value, may be ready for a significant price increase.
After a tough week, SHIB has shown signs of recovery. Technical analysis suggests an 18% price surge is likely.
SHIB’s price chart shows a bullish signal. The token has approached the lower boundary of its price range for the fifth time.
This pattern has historically led to price increases. Analyst John Carter believes a breakout is coming soon.
Another factor driving SHIB’s potential rise is its 1000% increase in burn rate. Burning tokens reduces the supply, which can help raise the price.
Analysts predict SHIB could reach $0.00004366 by the end of January, representing a 114% increase from its current price of $0.000021.
SHIB’s expanding ecosystem, including the Shibarium blockchain, is attracting more users and adding value to the token. This growth is fueling optimism about SHIB’s future.
If the bullish trend continues, Shiba Inu could see substantial gains. Investors are closely watching SHIB’s movements for signs of further growth.