Shiba Inu Price Set for $0.00001? Bullish Pattern Signal a 24% Rally Ahead

With increasing uncertainty in the crypto market, a majority of major cryptocurrencies extended their correction phase in the last two weeks. As a result, the Shiba Inu price dropped from a high of $0.00000845 to a $0.00000758 swing low registering a loss of 10%.

Timeline of Shiba-inu

According to Etherscan, over the past few hours, several cryptocurrency whales have transferred nearly 50 billion Shiba Inu canine-themed tokens. This included both withdrawals from crypto exchanges, transfers to exchanges and movements of SHIB between whales' wallet addresses.

Despite the recent volatility in the cryptocurrency market, the price of Shiba Inu (SHIB), the second most popular meme coin, has displayed a tepid performance over the past few weeks. While other altcoins have witnessed significant gains, Shiba Inu's value has remained relatively flat.

In a surprising and exhilarating twist of fate, the Shiba Inu token, SHIB, has experienced a significant surge in its value over the past 48 hours, leading to an astounding number of tokens reaching their break-even point. Recent market data provided by IntoTheBlock has brought to light that more than 20 trillion SHIB tokens have regained their "initial" value as a direct consequence of the latest price action.

Shiba Inu (SHIB) is showing growing popularity among new investors in the cryptocurrency space. This development is revealed by a new metric introduced by IntoTheBlock, a blockchain data analytics firm.

Tesla CEO and Twitter owner Elon Musk has made a rather surprising and unexpected Shiba Inu mention in a recent reply to a Twitter user who reacted to the latest Twitter rebranding.

A vast number of Shiba Inu (SHIB) tokens has recently been moving on the deposit addresses of major exchanges. Data from SHIB's blockchain explorer has revealed a sudden influx of transactions on platforms like Coinbase and Binance.

Elon Musk has officially rebranded Twitter to X as it was acquired by X Corp, a subsidiary of X Holdings. Elon Musk, CTO of X, explains this is not simply a corporate name change but a company improving its products and services, as well as changing its vision.

In an unexpected turn of events, Shiba Inu (SHIB), widely recognized as a volatile meme-based cryptocurrency, has showcased a solid performance in recent weeks. Contrary to its erratic reputation, SHIB has managed to outperform a significant portion of the crypto market during a period of correction, adding more than 20% to its value.

For most of the last two weeks, Shiba Inu's (SHIB) price has hovered just below the 0.0000080 mark. On-chain Price Volatility data suggests that most holders are taking neutral positions as they await the Shibarium Mainnet launch.

Shiba Inu (SHIB) is the second largest meme coin and has a special feature compared to Dogecoin: token burns. Hardly any other topic is discussed more frequently in the SHIB community (besides Shibarium) and causes confusion in the process.