Why Is Shiba Inu Price Up 13.5% Today?

Shiba Inu price has seen strong bullish momentum, gaining another 13.5% and shooting past $0.000015 levels, with its daily trading volume surging by 70% to $370 million. The recent rally comes amid a sharp surge in the SHIB burn rate and improving sentiment for the world’s second-largest meme coin. Additionally, the platform’s marketing lead has also tossed up the idea of having a Shiba Inu exchange-traded fund (ETF)  in the future.

Shiba Inu Price Surges As Bulls Charge In

Shiba Inu’s native crypto SHIB is getting major attention from investors with more than 20% gains on the weekly chart. Additionally, today’s SHIB price pump comes along with 70% surge in daily trading volumes suggesting a strong bullish sentiment for the altcoin.

Additionally, as per the Coinglass data, the SHIB futures open interest has surged by 30% to more than $166.74 million. This shows that there’s a strong demand among the futures traders for the world’s second-largest meme coin. As per the image below, the Shiba Inu price is closely following the trajectory of the 2021, and is on the verge of staging a parabolic rally ahead, amid the recent surge in SHIB burn rate.

Analysts are predicting a minimum of 200% SHIB price rally which would take its market cap to nearly $27 billion. While other players expect an even bigger rally where the meme coin could give as high as 12x gains or 1,100% returns.

Can SHIB Rally 12x From Here Onwards?

Popular crypto analyst CryptoELITES predicted a 12x surge in Shiba Inu price amid the formation of a cup-and-handle pattern on the technical chart. Since reaching its all-time high of $0.0008854 in October 2021, SHIB’s price movement has been carving out a cup-and-handle pattern. The “cup” was fully formed with Shiba Inu’s March 2024 peak at $0.00004567, while the “handle” is now nearing completion, as shown in the image below.

Shiba Inu’s marketing lead LUCIE has also agreed to this possibility by retweeting regarding the same. Furthermore, Lucie recently emphasized the potential for Shiba Inu to reach the $0.01 price milestone. However, she acknowledged that achieving this level could take time and encouraged the Shiba Inu community to remain patient.

Recent Developments in the Ecosystem

The Shiba Inu ecosystem has seen consistent growth and development while the sharing the plans of the future. Recently Lucie also tossed the idea of getting a Shiba Inu ETF to the market once again.

Furthermore, despite the current crypto market turbulence, the Shiba Inu ecosystem has demonstrated remarkable growth, surpassing 1.5 million holders since its inception in 2020. Data from Shibariumscan reveals that Shibarium’s total block count has exceeded 10 million, highlighting the network’s consistent adoption and increasing on-chain activity.