Shiba Inu (Shib) price may be on the verge of a strong bullish breakthrough

Shiba Inu (Shib) surged to $0.00001270 on Wednesday, a significant increase from the low of $0.00010.

As the daily burn rate increases, the total value locked in Shibarium is also rising, and the price of Shiba Inu (Shib) may be in a strong bullish breakthrough.

Shiba Inu (Shib) surged to $0.00001270 on Wednesday, a significant increase from the low of $0.00010.

Third-party data shows that the total value locked in the Shibarium network exceeded $3 million for the first time since March 29, a sign of a clear recovery from the $1.8 million trough.

This recovery is powered by multiple decentralized applications (DAPPs) in the network. Shibaswap's assets have risen 32% to $1.4 million in the past 30 days, while Woofswap's assets have risen 38% to $746,700.

Other DAPPs, including K9 Financial Dao, Chewyswap, Dogswap and Punkswap, also recorded over 30% of their earnings.

Activity on Shibarium continues to grow, which is a positive signal for INU as it highlights the practicality of the second layer network. This also marks the transition from a typical meme coin to a meme with functional value.

Other data from Shibariumscan show that the number of addresses and transaction volumes continue to increase. The network has completed 1.13 billion transactions, with a total address of more than 206 million. Daily trading volume has also increased significantly in recent days.

More data shows that by token burning, more Shib coins are removed from circulation. The daily combustion rate rose by 30%, bringing the total circulation to 594 trillion yuan.

Shiba INU price analysis

The weekly chart shows that Shib has been on a sustained downward trend since reaching its peak in November last year. Nevertheless, the token is still above the uptrend line connected by its lowest point since June 2023.

Shiba Inu also forms a harmonic XABCD mode that began in March 2023 when its price peaked at $0.000045. The AB legs form between August and November, while the BC legs form between November and April.

As a result, the coin could soar to $0.000045, a 265% increase from current levels. Because it is based on weekly charts, this prediction can take months or years.

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