- Shiba Inu (SHIB) has been tipped for success as it flips into a bullish trend with an 81% increase in trading volume.
- The SHIB Open Interest (OI) has increased by 12% in the last 24 hours, hinting at growing confidence among traders.
Shiba Inu (SHIB) made a surprising comeback on its 24-hour price chart to surge by 7%. According to our market data, this has extended its weekly gains to 13% to trade at $0.000024.
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SHIBA Inu (SHIB) On-Chain and Price Analysis
Delving into its trading volume, we found a significant surge of 81% in the last 24 hours with $980 million changing hands at press time. Meanwhile, Binance exchange dominates this category as the SHB/USDT pair records $171 million in volume while its SHIB/TRY pair also has $8.46 million. On Coinbase, the SHIB/USDC pair has a daily trading volume of $64.8 million while the SHIB/KRW pair reaches $147 million in volume on South Korean exchange Upbit.
Supporting the current price trend, SHIB Open Interest (OI) has significantly increased by 12.6%, sending the total tokens committed by traders on the futures market to 22.66 trillion.
At the beginning of the year, a renowned analyst identified as Javon Marks predicted that SHIB could record a 264% uptick to hit $0.000081. According to him, his prediction is based on the formation of what is termed “textbook bull signals.” Meanwhile, he expects the asset to rise by 585% to hit $0.00015 during the peak of the cycle.
$SHIB (Shiba Inu) is still holding in great positioning, recently, on lower timeframes, confirming yet another bullish signal that can point to a continuation towards the $0.000081 target but this post-breakout chop can be calling for even higher! As prices have broken out, this target at $0.000081 is in play, meaning we could see another +261% increase from here to the reaching of it.
For SHIB to target this predicted level, it would first have to breach a critical psychological level at $0.000029. Meanwhile, the asset was unsuccessful at this attempt in its previous run. Fascinatingly, analysts believe that the improved trading volume could push the price above this level to set it up for the much-anticipated altseason, per a CNF report.
Another Analyst Speaks on the Meme Coin
Joining the discussion, crypto analyst DeFiStrategist estimated that SHIB could hit $0.00005 in a few months from now. Specifically, he expects this to happen in the second quarter of 2025 (Q2 2025) and reach the $0.0001 level in the last quarter (Q4 2025).
On-chain data also shows that the ongoing burning exercise could largely influence SHIB as the burn rate reaches 300%, per a CNF report. Amid the backdrop of this, whale activities have reportedly increased, with 220 billion SHIB ($4.63 million) withdrawn from Binance by a single entity.
To subject its ecosystem to a massive transformation and improve the value proposition of its token, the team has also unveiled the WHY Combinator to support blockchain projects. As mentioned in our previous report, the TREAT token was used as a key element of this initiative.
