In the ongoing cryptocurrency rebound, Shiba Inu (SHIB) has achieved significant success. The meme coin is currently the 11th largest cryptocurrency by market cap, although it often enters the top 10 due to price movements.
As of the time of writing, one SHIB is worth $0.00002413. From November 4 to November 11, the token, often incorrectly referred to as 'Shiba Coin', soared by 60%, with a price high of $0.00002921 before experiencing a correction. The monthly return rate currently stands at 32.10%, while the year-to-date (YTD) increase is as high as 133.54%.
SHIB is one of the most well-known and famous meme coins—but since its inception, it has evolved from its joke origins. Currently, its ecosystem includes decentralized finance (DeFi) applications, a stablecoin in development, a layer-2 scaling solution called Shibairum, a sustained high burn rate, and numerous partnerships providing real-world utility.
As President-elect Trump adopts a cryptocurrency-friendly approach, Bitcoin (BTC) reaches an all-time high (ATH), and institutional adoption surges, Shiba Inu is one of the most capable altcoins benefiting from a new bull market.
In addition to these fundamental catalysts, the technical analysis also looks quite promising—as bullish chart patterns suggest it might be time for a breakout.
The breakout could push SHIB prices up to $0.000037.
Starting from November 11, SHIB entered a bullish flag pattern, as noted by prominent cryptocurrency analyst Ali Martinez in a post on November 21. The bullish flag appears after an initial price rise, similar to a flagpole, followed by a downward-sloping consolidation period or flag.
This pattern indicates a continuation of the bullish trend—once the price breaks through the resistance level in the 'flag', the uptrend will continue. Typically, traders take the length of the 'flagpole' and add it to the breakout point to obtain a price target—Martinez did this to reach a take-profit target of $0.000037.
To reach this goal, the cryptocurrency must rise 48% from its current price. While the target is ambitious, readers should remember that just two weeks ago, a 60% rebound occurred.
Additionally, technical and on-chain analysts noted in an X post earlier on November 20 that 1.67 trillion SHIB were withdrawn within 24 hours, adding that the last time this happened, the token soared by 62% in a short period.