Price Analysis

Shiba Inu Signal Points to Price Soaring 175% as SHIB Hits a 1.5M Milestone

Find out why the Shiba Inu price has crashed, and why the coin has more upside in the coming weeks after forming bullish patterns.
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Shiba Inu Signal Points to Price Soaring 175% as SHIB Hits a 1.5M Milestone

Highlights

  • Shiba Inu price has crashed in the past few days, erasing some of the recent gains.
  • The number of SHIB coin holders has jumped to over 1.5 million this month.
  • Shiba Inu has formed numerous bullish patterns, pointing to a strong surge.

Shiba Inu price remains in a freefall as investors remain fearful ahead of Donald Trump’s Liberation Day tariff implementations. The coin has crashed for five days, erasing most gains made earlier this month, and moving to its March 14 low. Fundamentals, including the rising number of holders, and its technicals point to a big surge.

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Shiba Inu Price Could Rise as Holders Reach 1.5 Million

On-chain data show that the number of Shiba Inu coin holders has continued rising even as the coin crashed from $0.00003341 to $0.00001200.

Data shows that the number of SHIB holders has crossed the important 1.5 million milestone, making it one of the most held coins in the market. 

This growth is mostly because Shiba Inu has some of the best fundamentals in the meme coin industry. It is highly deflationary, with the number of SHIB coins in circulation being 584 trillion, down from 999 trillion since its inception.

The SHIB burb rate jumped by 750% on Monday to 17.1 million. Just last week, two SHIB holders burned 1 billion SHIB tokens in separate transactions. Token burns help to boost a coin value by making the remaining ones rarer. 

Shiba Inu also unveiled Shibarium, a layer-2 network whose transactions are nearing 1 billion, and the number of addresses has soared to 193.5 million. Recent data shows that the total value locked in Shibarium has soared by over 20% in the 30 days.

Shibarium Stats
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SHIB Price Signal Points to a Surge

The daily chart paints a gloomy picture of the SHIB price. It peaked at $0.00003341 in December and has now plunged by over 63%. Its attempts to recover have faced substantial resistance, with the most recent one being at $0.00001565, where it formed a shooting star candlestick, a popular bearish sign. 

However, a closer inspection shows that the Shiba Inu price has formed some bullish patterns that point to an eventual recovery. It formed a falling wedge pattern between November and mid-March this month. 

SHIB moved slightly above the upper side of the wedge pattern and reached a high of $0.00001566. The recent drop, therefore, is likely part of the break-and-retest pattern, where an asset retests a key level. In this case, it wants to retest the upper line of this wedge. 

Most notably, Shiba Inu price is at a key level where it has failed to move below since July last year. That is a sign that it has formed a quadruple bottom whose neckline is at $0.00003340.

Shiba Inu Price Chart

Therefore, the coin will likely bounce back as bulls target last December’s high of $0.00003340, up by 175% above the current level. A drop below the key support at $0.00001080 will invalidate the bullish Shiba Inu forecast

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Frequently Asked Questions

Can the Shiba Inu price jump by 175% as holders rise?

Fundamentals and technicals point to more upside in the coming months. It has formed a falling wedge pattern, while the number of holders has soared to over 1.5 million.

Which bullish patterns has SHIB coin price rose?

The coin has formed a quadruple bottom pattern and a falling wedge, pointing to a strong comeback in the near term.

Which are the other top Shiba Inu coin price catalysts?

It has formed some bullish catalysts, including the rising burn rate and the strong growth of Shibarium.
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crispus

Crispus is a seasoned Financial Analyst at CoinGape with over 12 years of experience. He focuses on Bitcoin and other altcoins, covering the intersection of news and analysis. His insights have been featured on renowned platforms such as BanklessTimes, CoinJournal, HypeIndex, SeekingAlpha, Forbes, InvestingCube, Investing.com, and MoneyTransfers.com.

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Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
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