Shiba Inu’s Bullish Pattern Signals Potential 190% Price Surge
shiba Inu (SHIB) has formed a bullish harmonic pattern, hinting at a possible 190% price increase. The token reached $0.000016 on Sunday, its highest as February, up 52% from its yearly low.
This rise coincided with ethereum (ETH) hitting the $2,500 resistance level for the first time since February. This move sparked gains for other ERC tokens like Pepe (PEPE), AAVE (AAVE), and Uniswap (UNI).
SHIB’s price also climbed due to a massive burn rate. On Sunday, over 19 million tokens were burned, a 234,584% increase.One user sent 17.8 million tokens to a burn address, while another burned 1 million.
token burns can boost prices by reducing supply. Since its launch, Shiba Inu has burned over 410 trillion tokens, with many from Vitalik Buterin.
The growing Shibarium network also supports SHIB’s price. It processed over 3.76 million transactions in 24 hours, reaching a cumulative total of 1.152 billion. The network’s total addresses now exceed 207 million.
The total value locked in Shibarium has risen to $3.84 million, its highest since January 21. This growth is mainly from ShibaSwap and WoofSwap.
On the weekly chart, SHIB has formed a harmonic pattern. If it breaks above $0.000033, it could reach its 2024 high of $0.0000455.
