Shiba Inu Preps for a Big Rally as Shibarium Accounts Surge

Shiba Inu Prepares for a Major Rally as Shibarium Accounts Surge

Disclosure: This article is for educational purposes only and does not constitute investment advice.

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As Shiba Inu (SHIB) shows signs of a bullish breakout, excitement builds around one of the crypto industry's most popular meme coins. Thanks to a rising number of accounts on its layer-2 network, Shibarium, SHIB is setting the stage for potential gains that could make it one of the top-performing tokens in the coming weeks.

Shiba Inu’s Market Position and Recent Performance

Shiba Inu, the second-largest meme coin by market cap, currently trades around $0.000018 and has gained approximately 70% from its lowest point this year. This price consolidation reflects a trend seen across the crypto market, with Bitcoin holding above $72,000 this week, indicating potential upward momentum for meme coins if Bitcoin continues its rally.

Shibarium’s Growing Popularity

A key driver for Shiba Inu’s anticipated rally is the significant growth in Shibarium accounts. Data from ShibariumScan reveals that the number of accounts has risen from 127,000 on October 1 to 177,000, with most new accounts created around mid-October. The Shibarium network processes transactions using BONE tokens, which are then converted into SHIB and burned, helping to reduce the supply of SHIB tokens over time—a bullish sign for SHIB’s value.

Transaction Volume Soars on Shibarium

The network’s transaction volume has seen an impressive increase, with cumulative transactions reaching 438 million this month, up from 416 million earlier in October. This spike in Shibarium’s activity indicates strong user engagement, a promising factor for future SHIB price movement. As more transactions occur on Shibarium, the demand for BONE and SHIB increases, potentially boosting SHIB’s price.

Technical Analysis: Bullish Patterns Signal Potential Breakout

On the technical front, Shiba Inu is exhibiting signs of a bullish rally. The daily chart shows that SHIB formed a double-bottom pattern at $0.00001253 and has broken above the neckline at $0.000016. Additionally, a bullish pennant pattern has formed, which typically indicates an upward trend as the price consolidates before a breakout.

Moreover, SHIB’s price has climbed above the 50-day moving average, further supporting the likelihood of a breakout. If SHIB continues its momentum, it could retest the resistance at $0.00002150 (last reached on September 27) and, with a successful break, target $0.000030, the high from May 29—representing a potential 60% increase from its current level.

The Bigger Picture: How Bitcoin’s Performance Could Influence SHIB

SHIB’s rally could be amplified if Bitcoin breaks above its all-time high of $73,800. Historically, meme coins like Shiba Inu often experience heightened interest and trading activity when major cryptocurrencies rally, potentially creating a positive ripple effect across the market. This trend suggests that SHIB could benefit from broader crypto market momentum, with Bitcoin acting as a catalyst.

Conclusion: Is Now the Time to Watch SHIB?

With Shibarium’s account growth, increasing transaction volume, and bullish technical indicators, Shiba Inu appears poised for a significant rally. While meme coins are known for their volatility, SHIB’s growing utility on Shibarium and favorable technical setup indicate that it could deliver notable gains in the near term. Investors and traders may want to keep a close eye on SHIB as it approaches key resistance levels and readies itself for a potential breakout.

This combination of technical strength and on-chain activity makes Shiba Inu one to watch as the meme coin market gears up for what could be an exciting rally.