With the anticipation of a market boom, data from Shibburn shows that over 6M $SHIB

tokens were burned in October with 105 transactions. According to on-chain data from IntoTheBlock, close to 6 trillion #SHIBŲŒ tokens were traded by large wallets in the past few days, with 224 significant transactions recorded, fueling speculations of an imminent market rally.

Meanwhile, Ever Crypto Sage, a crypto analyst on X, thinks that the Shiba Inu token is primed to break out soon. This expertā€™s position is based on the Shiba Inu price consolidating around $0.000018 and a surge in #Shibarium transaction volume. With the formation of the bullish pennant, Eva thinks the Shiba Inu token might hit the $0.000030 price point very soon.

Zooming in, the Shiba Inu market sentiment is neutral. While Shiba Inu is trading above the 50-day SMA, the price is below the 200-day SMA. However, CoinMarketCap data shows that Shiba Inu trading volume is slightly on the rise which could push the SHIB token price above $0.000018, a catalyst that could drive the price towards $0.000020 soon.