Shiba Inu Surges 2.72% as Technical Patterns Signal Rally to $0.0000254

• SHIB gained 2.72% today and formed a double bottom pattern that could drive prices to $0.0000254 if resistance breaks.

• Token burn rates exploded by 3,800%, removing over 85 million SHIB from circulation.

• Whale transactions surged 188% in two days, and large investors are increasing their SHIB positions.

Shiba Inu (SHIB) gained momentum today, trading at $0.0000136 with a 2.72% increase amid broader Ethereum-based token strength. The meme coin has formed a compelling double bottom pattern while burn rates exploded by 3,800%, removing significant token supply from circulation.

The cryptocurrency has established strong support at $0.000010, which has held firm for months. Price action from May 11 through August demonstrates consistent buyer interest at this threshold, with two distinct bounces creating the foundation for potential upward movement.

Double Bottom Formation Points to $0.0000254 Target

Technical analysis reveals SHIB has developed a classic double bottom pattern with resistance at $0.0000159. This neckline represents the critical breakout level that could trigger substantial gains.

The pattern suggests a potential 59% rally to $0.0000254 if SHIB successfully breaks above current resistance. This target calculation follows standard technical analysis, measuring the distance between support and resistance levels.

SHIB/USDT: 1-day Chart (Source: TradingView)

Moving average convergence adds weight to bullish expectations. The 50-day and 150-day simple moving averages have aligned, mirroring conditions that previously drove SHIB from $0.0000168 to $0.000033 within two months.

The Relative Strength Index supports continued upward momentum. Current readings favor bullish traders, making the $0.0000254 target achievable under favorable market conditions.

Burn Rate Surge and Whale Activity Drive Optimism

SHIB’s burn mechanism has accelerated dramatically, increasing the burn rate by over 3,800%. More than 85 million tokens have been permanently removed from circulation through burn addresses.

While 85 million tokens represent a small fraction of SHIB’s 589 trillion total supply, historical data shows price increases often follow burn rate spikes. Sustained burning activity could provide additional upward pressure on token value.

Whale transactions have surged alongside technical developments. Large holder activity jumped from 1.28 trillion to 3.69 trillion tokens over two days, marking a 188% increase according to IntoTheBlock data.

This whale accumulation pattern indicates institutional and high-net-worth investors are increasing SHIB exposure. Large transaction volumes typically precede significant price movements in cryptocurrency markets.

Multiple factors align to support SHIB’s upward trajectory. The double bottom formation provides technical justification for higher prices, while fundamental factors like increased burning and whale accumulation offer additional momentum.

Ethereum’s recent strength benefits all tokens built on its blockchain, including SHIB. This ecosystem effect could extend the current rally beyond short-term technical targets.