Is Shiba Inu Poised for a Massive Breakout? Analyst Predicts 17x Surge to $0.00023

The memecoin Shiba Inu (SHIB) may be on the verge of a significant rally. Although its price has remained relatively stagnant in recent days and trading activity is low, technical indicators and on-chain developments suggest a potential explosive move. According to crypto analyst CryptoElites, SHIB is currently trading within a symmetrical triangle – a classic chart pattern that often signals an upcoming breakout. If SHIB manages to break above the upper resistance line, the token could skyrocket to $0.00023, representing a 17x gain from current levels. 📈🚀

🔸 SHIB Burn Rate Surges – Bullish Signal One major catalyst supporting this bullish scenario is the dramatic increase in SHIB’s burn rate. According to data from Shibburn, over 135 million SHIB tokens have been burned in the past week alone – a 107% increase in burn activity. Token burning permanently removes tokens from circulation, which reduces supply and may drive prices higher in the long term. This recent uptick in burning activity could provide the fuel needed to push SHIB toward the ambitious target of $0.00023.

🔸 Targeting $0.00023? It Won’t Be Easy Reaching this price level would mean SHIB surpasses even major altcoins like XRP in market cap. This scenario would require massive adoption from both retail and institutional investors. In addition, increased utility and ongoing burning would be key factors in realizing such a rally.

🔸 But the Community Has Questions Not everyone is convinced. WallStreetBets founder recently pointed out that SHIB’s overall supply hasn’t changed much despite the burns: “Despite the burns, SHIB’s supply remains almost untouched. In crypto, it’s not the size that matters — it’s the idea.”

🔸 What’s Next for SHIB? Currently, SHIB is facing bearish pressure, with macroeconomic headwinds and a decline in active addresses, signaling reduced interest and usage. To see a true recovery and breakout, SHIB needs: 🔹 A significant increase in token burns

🔹 Renewed network activity and user engagement

🔹 Stronger investor demand

🔹 A technical breakout above resistance levels While a run to $0.00023 might sound far-fetched, memecoins have a history of defying expectations. With the right mix of fundamentals and hype, SHIB could once again surprise the market. 🐶🔥

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