The cryptocurrency market has been buzzing with excitement as Shiba Inu, the popular meme coin, continues to demonstrate significant upward momentum. In the last week alone, SHIB has surged by over 21%, and since November, it has skyrocketed by an incredible 73%. As we move through December, the crypto community is optimistic about Shiba Inu’s potential to achieve even greater heights, with the possibility of its value doubling soon.
Shiba Inu Poised for Double-Digit Gains
Currently, Shiba Inu is navigating a critical resistance level at approximately $0.00003050. Crypto analysts are closely monitoring the coin’s price movements, particularly Shib Knight, who has identified a bullish “cup and handle” pattern on the chart. If SHIB successfully surpasses this resistance, it could embark on a significant rally, potentially climbing to levels exceeding $0.000045. This would mark an impressive 83% increase, mirroring past instances of rapid upward trends following periods of consolidation.
Beyond the cup and handle formation, SHIB’s chart reveals the presence of a Golden Cross, known for indicating potential bullish trends. The convergence of the 50-day and 200-day exponential moving averages (EMAs) is further reinforcing this bullish outlook, suggesting that SHIB is well-positioned for double-digit gains.
Expanding Shiba Inu Network
Another catalyst for Shiba Inu’s surge is its growing network popularity. Over the past week, there has been a notable increase in new wallet creations, with 7,548 new wallets added. This expansion is reflected in significant uplifts in key address metrics. According to data from Santiment, new addresses have surged by 62.54%, while active addresses have seen a rise of 57.88%. This growing interest underscores the potential for Shiba Inu to gain even more traction in the long term.
Impact of Whale Activity: 2.022 Billion SHIB Tokens Burned
In a noteworthy development, an anonymous whale has burned over 2 billion SHIB tokens, resulting in a staggering increase in the burn rate by more than 3,160%. This significant reduction in supply could play a crucial role in propelling the price upward, especially as Shiba Inu strives to break through the $0.00003 resistance level after a previous dip from $0.00003316 earlier in December.
With the combination of increased interest and a decreasing supply of coins, Shiba Inu is positioned for a potential price doubling, contingent on overcoming key resistance barriers.
