An analysis of the second largest memecoin on the market, the Shiba Inu (SHIB)
An analysis of the second largest memecoin on the market, the Shiba Inu (SHIB), has revealed a possible major breakout in the cryptocurrency’s price. The analyst known as Crypto Elites on X has suggested a potential 12x surge in SHIB’s value, driven by bullish chart patterns and an explosive increase in derivatives trading activity.
Today, the price of Shiba Inu has seen an impressive performance, rising by over 13%. As of Wednesday morning, the price of SHIB is trading at $0.00001525, up 13.2% in the last 24 hours. The recent surge has taken the memecoin’s price to a weekly high of over 22%.
Additionally, on-chain trading volume has exploded over the past day, according to market data. Shiba Inu (SHIB) trading volume was $528,534,572 over the past 24 hours, representing a 150.80% increase from a day ago and signaling a recent surge in market activity.
Source: TradingView
Against this backdrop, recent technical analysis has revealed the formation of a “W-bottom” or inverted head and shoulders pattern on the SHIB/USDT chart, an indicator of a potential trend reversal after a bearish period. A breakout of a descending trendline could trigger a significant upward movement for the SHIB memecoin.
The expert’s price projections point to two main targets: the first, close to the previous all-time high at $0.000085171, and the second, an ambitious target that would represent an impressive 12-fold increase in SHIB’s current value, close to $0.000183312.
“I’m expecting a massive 12X surge! SHIB,” he wrote in his analysis while sharing a chart of his price projection.
I’m expecting a massive 12X surge!
#SHIB
$SHIB
#shiba
$Shiba
pic.twitter.com/e5j8uzfM7b
— @CryptoELlTES (@CryptooELITES) March 25, 2025
This optimistic outlook is reinforced by the significant increase in Shiba Inu derivatives trading activity. As data according to Coinglass, SHIB futures and perpetual contracts trading volume has seen a 165% increase in the past 24 hours, surpassing $326 million. This surge in derivatives activity indicates strong investor interest in Shiba Inu’s bullish potential.