Shiba Inu Price Surge Imminent? Token Sees 6,000 New Holders in Two Weeks
The Shiba Inu token has added nearly 6,000 new holders in the past two weeks according to Etherscan data. This growth brings the total number of $SHIB holders to around 1.691 million and puts it on track to reach 1.7 million within a few weeks.
Looking at the chart, analysts notice that this current setup is eerily similar to the one in early August when SHIB broke out of a descending channel and rallied by 35% in just one move. The price has since rolled into a new descending channel and is currently sitting on support near $0.000004930.
If history repeats itself, and the price closes above the upper trendline with strong volume, a similar breakout could lead to a +35% move from the breakout point. This would put SHIB near $0.000007021 (1,829 pips).