Shiba Inu Price Forecast Amid 9M SHIB Burn as Whale Transactions Soar – Is $0.0000254 Next?

Shiba Inu price trades at $0.0000137 today, August 14, with a 1.7% drop. This decline comes after Bitcoin’s new all-time high shifted attention away from meme coins. However, more than 9 million tokens have been burned in the last 24 hours through the SHIB burn process, and this has raised speculation on whether Shiba Inu can reach $0.0000254 as a bullish pattern alludes.

Shiba Inu Price Eyes $0.0000254 Amid Bullish Pattern Formation

The highs and lows made by the SHIB price from May 11 to now have led to a double bottom. This means that even if the price is not stable, firm support has been created. In the case of Shiba Inu, this support is at $0.000010.

It is worth noting that SHIB has not gone below $0.000010 for months now. This means that is where buyers are getting on board. Besides, for two times now, the price has bounced from this price with a strong uptrend. That uptrend then gets rejected at $0.0000159, which now forms our neckline resistance.

What this performance shows is that there is a chance for the Shiba Inu price to rise. In most cases, the extent to which the price will go after a double bottom emerges is equal to the distance from support to resistance. That means that if the SHIB price goes past $0.0000159, it might be set for a 59% run to $0.0000254.

What makes this target even more likely is the SMA. Interestingly, the 50-day and the 150-day SMAs have converged. The last time this happened, Shiba Inu price went from $0.0000168 to $0.000033 in less than two months.

In most cases, history does rhyme. However, even if there is no guarantee that it will happen again, the RSI is still in favor of bullish traders. That means that getting to $0.0000254 is not an unachievable target for Shiba Inu.

It is still worth noting that getting to $0.0000254 is part of a short-term SHIB target. As for how high the price can go based on a Shiba Inu price forecast 2025, higher levels might be in the pipeline.

9M SHIB Tokens Burned as Whale Transactions Rise

Data from Shibburn also favors a Shiba Inu price rally. This is because the SHIB burn process has seen more than 9 million tokens burned in the last 24 hours. However, looking at 9 million against a total supply of 589 trillion tokens is a drop in the ocean. Even so, each time the burn rate soars, the SHIB price tends to spike. Therefore, if these burns can continue to increase like they are doing now, it might end up being bullish for Shiba Inu.

At the same time, whales are also jumping in now. Their transactions increased from 1.28 trillion to 2.68 trillion in just three days, per IntoTheBlock data. This is an increase of more than 109%. What this shows is that whales are beginning to increase their exposure to Shiba Inu.

To sum up, Shiba Inu price appears to have charted its path to $0.0000254. Not only is a bullish crossover playing a role in this surge, but whales and a burn rate are also increasing. As this continues, more gains might be on the way.