The cryptocurrency market has been experiencing a resurgence, and one standout performer is the popular meme coin, Shiba Inu (SHIB). This digital asset has demonstrated impressive momentum, surging over 21% in just a week and an astounding 73% since November. As the market rallies this December, SHIB appears poised for even more substantial growth. With this breakout, there’s a genuine possibility that Shiba Inu could double its value in the forthcoming days.
Shiba Inu To See Double-Digit Gain
Currently, Shiba Inu is encountering a critical resistance level near $0.00003050, attracting the attention of analysts who are keenly observing its performance. Renowned crypto analyst Shib Knight has highlighted a bullish “cup and handle” pattern forming on the price chart. If SHIB manages to break above this resistance, it could soar to new heights, potentially reaching levels above $0.000045, which would signify an 83% rally. This pattern mirrors previous sharp upward trends following periods of steady consolidation.
Adding to the bullish sentiment, SHIB’s chart also reveals a Golden Cross, a pattern often indicative of an impending bullish trend. The 50-day and 200-day exponential moving averages (EMAs) are signaling a bullish crossover, further reinforcing the theory of an upward move. Such technical indicators suggest that SHIB’s price could experience double-digit gains in the near future.
Shiba Inu Network Growth
Another driving force behind Shiba Inu’s potential surge is its increasing popularity, as evidenced by robust network growth. Over the past week, a remarkable 7,548 new wallets have been created, accompanied by significant increases in key address metrics. According to data from Santiment, new addresses have surged by 62.54%, while active addresses have risen by 57.88%. This growing interest indicates that Shiba Inu could gain even more popularity and traction in the long term.
Whale Burns 2.022 Billion SHIB Tokens
In a further development, an anonymous whale has burned over 2 billion SHIB tokens, propelling the burn rate by more than 3,160%. This reduction in supply could play a pivotal role in the price rally, especially as SHIB’s price attempts to recover and break above the $0.00003 level after a dip from $0.00003316 on December 2. With growing interest and more coins being burned, Shiba Inu might soon double its price if it successfully navigates key resistance points.
As Shiba Inu continues to capture the attention of investors and crypto enthusiasts alike, its potential for growth and network expansion remains promising. The combination of technical indicators, network growth, and strategic token burns suggests that this meme coin could be on the brink of a substantial price increase.
