SHIB Rockets 22%, Analysts Predict 2,200% Rally

The price of Shiba Inu (SHIB) has surged by 22% over the past week, reaching a three-month peak and pushing its market capitalization above $3.2 billion.

This puts SHIB in second place among meme coins, with some analysts predicting further growth. According to Crypto Patel, SHIB has completed a 95% macro correction over the years and is now trading within a historical accumulation zone, where the weekly structure is repeating fractals that preceded previous price explosions.

Crypto Patel believes SHIB could be gearing up for a 2,200% rally if it closes above $0.000006697 this week. Another analyst, Crypto With Gopal, has predicted a nearly 5,000% increase to $0.00025, based on SHIB's falling wedge formation and consolidating structure.

However, not all signs are bullish. The Shiba Inu burn rate has declined by over 91% in the past month, leaving a large supply of coins untouched. Shibarium's daily transactions have also been low, at only a few thousand, which may undermine investor confidence.