Shiba Inu Set for 512% Breakout? On-Chain Data Reveals Surprise
Shiba Inu (SHIB) has just recorded a nearly 13% increase in 24 hours, rekindling hopes for a new strong growth. Technical indicators and on-chain data are reinforcing the argument that SHIB could be on its way to retesting its all-time high.
SHIB Explodes: Starting a New Bull Run?
Shiba Inu, one of the most prominent meme coins in the market, has recorded a 12.82% jump in the past 24 hours, raising its market capitalization to over $8 billion. SHIB's strong recovery is making investors expect a new growth cycle after a long period of correction.
According to technical analyst Javon Marks, SHIB is forming an "inverse head and shoulders" pattern - a signal that often appears before a price explosion. If this pattern completes, SHIB could head towards $0.000081, representing a 512% increase from current levels.
Surge in Trading Volume: Renewed Interest?
SHIB trading volumes across both the spot and derivatives markets are seeing a significant increase. On the spot market, total volume surpassed $300 million, according to data from CoinGecko. Meanwhile, derivatives volume surged by 45.62% in just one day, hitting nearly $172 million, according to CoinGlass.
Funding Interest – a measure of investor sentiment – has also shown signs of revival since April 19, suggesting that confidence is returning to the bulls.
Shibarium Layer-2 & the Dream of 1 Billion Web3 Users
The number of wallets holding SHIB has now surpassed 1.5 million addresses, and the community expects it to reach 2 million soon. The development of the Shibarium Layer-2 network – which uses the BONE token for transaction fees – is playing a key role in the expansion strategy of the Shiba Inu ecosystem.
Currently, Shibarium has recorded more than 198 million wallet addresses, a major step towards the development team's goal of attracting 1 billion Web3 users.
Hurdles Ahead: Resistance Zones and Whale Behavior
At the time of writing, SHIB is trading around $0.00001373 – approaching a strong resistance zone at $0.000014. This is an area where 537.8 million SHIB are held by more than 145,000 wallet addresses, and could create short-term profit-taking pressure.
However, it is worth noting that the number of large transactions (from whales) has decreased slightly by 3.43% in the past day - showing that big players are still on the sidelines and have not yet participated strongly.
Why is this important?
Favorable technical patterns, increasing trading volume, and strong development of Layer-2 infrastructure are creating a solid foundation for a potential price increase of SHIB. Although there are still some technical barriers, if the current resistance zone is overcome, Shiba Inu can completely open a new promising growth cycle.