Shiba Inu set for 2x rally? Bullish breakout on the cards IF…

• Increasing market interest and adoption rates suggest a bullish breakout for SHIB despite recent price declines.
• Shiba Inu burn rate surges by 7,334%, reducing supply and setting the stage for a 2x price rally.

Shiba Inu [SHIB] is showing promising signs of a significant upward move, with technical analysis suggesting a potential doubling in value from its current price. 

Crypto analyst SHIB KNIGHT predicts that if SHIB fills the gap as shown in the image, its price could reach $0.00002871, nearly doubling from its current value. This pattern, along with rising market interest, suggests a bullish breakout on the horizon.

Source: X

$SHIB KNIGHT stated on X, 

“$SHIB has a good potential to fill this gap. Target is around 2x from here.” 

This statement reflects the optimistic sentiment among traders and investors about SHIB’s potential price movement.

Current market performance and trading volume

As of press time, Shiba Inu was trading at $0.00001667, with a 24-hour trading volume of $241,077,969. This represents a 2.95% decline in the last 24 hours and a 4.00% decline over the past week. 

Despite these short-term fluctuations, the market capitalization of SHIB stands at $9,825,700,912, indicating robust market interest and participation.

According to Shibburn, the Shiba Inu community has significantly increased the burn rate, pushing the burn metric up by 7,334% with a total of 2,376,919 SHIB coins burned recently. 

This increase in burning activity indicates a concerted effort to reduce the circulating supply, potentially increasing the value of the remaining coins.

There have been burn transactions, with the largest ones shifting 1,000,000 and 897,397 SHIB out of circulation.

Overall, a total of 410,727,776,917,712 SHIB have been destroyed, reducing the circulating supply to 583,409,479,610,457 SHIB from the initial one quadrillion supply.

Recent AMBCrypto reports indicate a notable increase in the adoption rates of SHIB. SHIB’s new adoption rate rose from around 33% on 18 July to 36.16% by 25 July. This surge demonstrates growing interest in SHIB despite recent price fluctuations.

Bullish breakout ahead for SHIB futures?

The increased burn rate, combined with the rising adoption rate, points to a growing confidence in the SHIB market. The SHIB liquidation chart from Coinglass indicates major liquidation events in early March and mid-June, with substantial long liquidations during these periods. 

Moreover, the chart also shows smaller, consistent liquidations throughout the rest of the time frame.

Source: Coinglass

Read Shiba Inu’s [SHIB] Price Prediction 2024-25

Meanwhile, the SHIB futures open interest currently stands at $41.58 million, reflecting a slight decrease of 0.40%. This suggests that while there is still considerable trading activity, it has tapered off from its peak levels seen in mid-July. 

The reduction in open interest may indicate a consolidation phase or reduced speculative activity in the SHIB futures market.

Source: Coinglass