Whales Buy 700B Shiba Inu As Shibarium TVL Reclaims $2M; Is $0.000030 Next?

Shiba Inu price is on a rally today, July 10, having gained by 7.55% in the last 24 hours to trade at $0.0000134 at the time of writing. Following this upsurge, SHIB price reached the highest level in one month at the same time that a bullish pattern, whale buying, and rising network activity suggested that a move towards $0.000030 might occur.

Bullish Pattern May Take Shiba Inu Price to $0.000030

For several weeks now, SHIB has been forming a double-bottom pattern that has been hinting towards a major breakout rally. This pattern emerged as the Shiba Inu price created a strong support level at $0.000010. In the last 18 months, this level has also doubled up as a demand zone as buyers find it to be a favorable entry point that precedes a massive rally to the upside.

Whenever a double bottom pattern forms, the first target is the neckline resistance that the price tested before the rally was rejected. In the case of SHIB, this resistance lies at $0.0000176, where the meme token faced rejection in mid-May, following a brief rally.

If the ongoing crypto market rally holds as altcoins continue to track Bitcoin, Shiba Inu price could get to $0.0000176, in which case it will have risen by 71% from the double-bottom support.

Making a strong close above this neckline resistance level will create room for the SHIB price to rally to the target of the double bottom pattern that sits at $0.000030.

This bullish Shiba Inu price prediction is also reflected in the previous price patterns, which show that whenever SHIB approached this support level, it was followed by an upward trend.

Whales, Network Growth, Drive SHIB Gains

Besides the broader market gains seen with top meme coins today, two factors also suggest that the SHIB price might be on the verge of a 70% rally. These include an increase in whale buying activity and network growth.

Per IntoTheBlock data, large holder netflows have risen from -233 billion to 532 billion within two days, indicating that whale wallets have increased their allocation towards this meme coin by more than 700 billion coins.

The ongoing accumulation by whale addresses has also led to large transactions increasing nearly fivefold within 24 hours, from 1.22 trillion to 5.43 trillion. This is a sign that whales might be in an accumulation phase, and more gains are likely to happen.

At the same time, DeFiLlama data shows that the Shibarium TVL has increased to $2 million, after remaining below this milestone for nearly a week. If this rise continues, it might bode well for the Shiba Inu price outlook and support a strong bull rally.

In summary, today’s gains in SHIB price indicate that a 71% rally to $0.000030 might happen soon because of the appearance of a double bottom pattern. If whales continue to buy more Shiba Inu coins now, when the network activity is rising, it is possible that the price will surge towards this level.