The popular meme coin Shiba Inu has been showing strong growth, up over 21% in just one week and 73% since November. With the cryptocurrency market rebounding this December, SHIB looks poised for further growth. With this breakout, there is a good chance that Shiba Inu will double in value in the coming days!
Shiba Inu to see double-digit growth
Currently, SHIB is facing a critical resistance level of around $0.00003050, and analysts are closely watching how the coin reacts. According to prominent cryptocurrency analyst Shib Knight, the price chart is forming a bullish “cup with handle” pattern.
If SHIB manages to break above this resistance, it could surge higher, potentially reaching above $0.000045, marking a gain of 83%. This follows the past pattern of a sharp uptrend following a stable consolidation period.
In addition to the cup-and-handle pattern, SHIB’s chart also exhibits a golden crossover, a pattern that signals a potential bullish trend. The 50-day and 200-day exponential moving averages (EMAs) also signal a bullish crossover, further supporting the bullish theory and driving SHIB stock to double-digit gains.
Shiba Inu Network Growth
Another factor driving Shiba Inu’s further surge is its growing popularity, as evidenced by its network growth. Over the past week, 7,548 new wallets have been created, with a significant increase in the key address metric.
Santiment data highlights this growth, with new addresses increasing by 62.54% and active addresses increasing by 57.88%. At the same time, this growing interest suggests that the Shiba Inu may continue to grow in popularity in the long run.
Whales destroyed 2.022 billion Shib tokens
Additionally, an anonymous whale destroyed more than 2 billion SHIB tokens, increasing the destruction rate by more than 3,160%. The reduction in supply could also lead to a price increase, especially as Shib’s price is trying to recover and break through the $0.00003 level after falling from $0.00003316 to $0.00003 on December 2.
As interest grows and more tokens are burned, Shiba Inu could soon double in price if it breaks through key resistance points.