Shiba Inu (SHIB) Eyes 720% Surge as Chart Patterns Flash Green and Burns Ramp Up

Dogecoin’s scrappy rival isn’t just barking—it’s ready to sprint. Shiba Inu (SHIB) paints a bullish technical picture, with analysts spotting a potential 720% rally on the horizon. The memecoin’s recent burn rate spike adds fuel to the fire, torching tokens like a hedge fund bonus after a bad quarter.

Chart watchers point to a textbook-perfect breakout pattern, while the SHIB army’s aggressive burn campaigns tighten supply. Forget fundamentals—this is crypto, where vibes and velocity trump P/E ratios every time.

Will SHIB moon or get dumped like last year’s NFT fad? Either way, buckle up—volatility’s coming faster than a Wall Street pivot to AI narratives.

• Shiba Inu trades at $0.00001467 with a slight 1.75% daily gain, while market cap rises to $8.53 billion.
• Daily burn volume drops 97%, but the weekly total remains strong with over 112 million tokens burned.
• A double bottom and falling wedge on the 3-hour chart hint at a short-term breakout toward $0.00001684.
• Long-term wedge pattern signals a potential 720% rally, with a target of $0.000115.

Shiba Inu (SHIB) is showing a mixed but intriguing price and token burn activity, hinting at potential shifts in momentum. As of now, SHIB trades at $0.00001467, reflecting a slight uptick of 1.75% in the last hour 24 hours. The market capitalization stands steady at approximately $8.53 billion, up by 1.76%, with a circulating supply of around 589 trillion tokens.

SHIB Daily Burn Drops 97%, But Weekly Trend Stays Strong

Token burn, the process where tokens are permanently removed from circulation to reduce supply and potentially increase value, has slowed considerably in the past day, with only 239,033 SHIB tokens burnt, marking a dramatic 97.11% decrease compared to previous activity.

HOURLY SHIB UPDATE$SHIB Price: $0.00001467 (1hr -1.05% ▼ | 24hr 0.81% ▲ )
Market Cap: $8,652,753,911 (0.87% ▲)
Total Supply: 589,251,452,175,086

TOKENS BURNT
Past 24Hrs: 239,033 (-97.11% ▼)
Past 7 Days: 112,856,977 (21.65% ▲)

However, looking at the bigger picture, the burn volume over the past seven days surged by 21.65%, with more than 112 million tokens removed. This longer-term burn trend is encouraging, as it points to ongoing efforts to reduce circulating supply and support price stability.

SHIB Forms Double Bottom, Eyes Short-Term Breakout

On the technical front, shiba inu is shaping up well for traders eyeing short-term gains. The 3-hour chart reveals the formation of a Double Bottom and a Falling Wedge pattern, both considered bullish indicators in technical analysis.

These formations often suggest a reversal or breakout in price movement, with targets set at $0.00001684 and $0.00001828. This hints that SHIB could soon overcome short-term resistance levels and push higher.

SHIB Forms Bullish Wedge With 720% Breakout Potential

Adding weight to the bullish sentiment, analysis from Bitcoinsensus highlights a significant long-term pattern. SHIB has been developing a right-angled descending broadening wedge for over a year.

This pattern often precedes a strong upward breakout after a consolidation period. Currently trading NEAR the lower boundary of this wedge, SHIB presents a prime buying opportunity, especially for investors with a longer-term horizon.

The price target from this pattern is ambitious, reaching as high as $0.000115, which represents a stunning potential return of 720% from current levels. This projection underscores Shiba Inu’s capacity for explosive growth if it manages to break out decisively.

While Shiba Inu’s short-term price movements show some volatility, the broader technical patterns and token burn trends indicate a promising trajectory for both traders and long-term holders.

The recent token burn slowdown may be temporary, but weekly figures reinforce the commitment to reducing supply. Combined with strong bullish chart patterns and an eye-catching long-term price target, SHIB could be gearing up for an exciting phase ahead.

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