Shiba Inu price has experienced significant volatility over the past week but has successfully held above the critical $0.0000125 support level. Large-volume transactions and an increasing SHIB burn rate are emerging as potential catalysts for upward momentum. Technical indicators suggest that a breakout could drive an 81% rally for the second-largest meme coin.
Shiba Inu price is showing signs of a potential bullish reversal as it breaks out of a falling wedge pattern on the daily timeframe. The daily chart shows SHIB trading within a descending channel that has been in place since December 2024, with the price recently testing the upper boundary of this channel. The cryptocurrency reached a high of $0.00001303 and a low of $0.00001293 during this period as shown in the below image.
As shown in the above image, a breakout from this descending channel can trigger the next SHIB bull rally with a potential target of 81% on the upside. Some market analysts are also predicting a 17x Shiba Inu rally from here onwards.
With the Shiba Inu price staging a rebound to $0.00001367 yesterday, the network has witnessed a large transaction volume for the same. On-chain data from IntoTheBlock revealed a significant spike in large Shiba Inu transactions, each valued at $100,000 or more, on March 20.
This coincided with the SHIB price seeing a surge past $0.000013 levels for the first time in a week. The total volume of these transactions rose to 7.49 trillion SHIB, valued at over $97 million at the $0.000013 price point. Thus, it shows a massive 197% jump from the 2.52 trillion SHIB traded the previous day.
Over the last weekend, the SHIB transactions dropped to a low of 571 billion. However, whale activity has resumed once again showing potential interest from big players. The latest spike of 7.49 trillion SHIB marks the highest transaction volume in nearly two months.
As per the data from SHIBBurn, the overall Shiba Inu burn rate has surged by 21% in the last 24 hours, now moving past $17.1 million. Over the past week, we have seen a strong surge in the SHIB burn rate thereby raising overall market optimism surrounding the meme coin.
Following the latest burn event, the total number of Shiba Inu tokens permanently removed from circulation has climbed to 410,745,403,545,103. This brings the circulating supply down to approximately 589,254,596,454,896 tokens.
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