The popular meme coin Shiba Inu (SHIB) stunned the crypto verse on Wednesday, bursting out with 12.82% gains over the past 24 hours. While the current SHIB price rally didnโt evolve into a new monthly high yet, the dog-embosed crypto restored a $8.08 billion market capitalization.
Why Shiba Inu Could Retest All-Time Heights
To determine if the Shiba Inu-styled meme coin is going to approach new quarterly heights, crypto analysts took a look at Shiba Inuโs technical price charts. According to Javon Marks, SHIB is showcasing an inverse Head โnโ Shoulders pattern, which could help Shiba Inuโs price explode to $0.000081.
In order for this to occur, Shiba Inuโs (SHIB) trading volumes on both Spot and Derivatives are a crucial factor. The action on Spot markets has remained quiet, despite Shiba Inu (SHIB) breaching the $300 million line in 24-hour trades, according to CoinGecko.
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On Derivatives, Shiba Inuโs (SHIB) trading volume picked up 45.62% gains over the past 24 hours, boosting the 1000-times multiplied smart contract version to a $171.88 million volume, according to CoinGlass. After starting the month in the red, the Open Interest-weighted funding rate is showcasing revitalization signs since April 19, 2025.
2 Million Shiba Inu Custodians On Board Soon?
On-chain wallets holding Shiba Inu (SHIB) have recently climbed to 1,508,012, making SHIBโs market lead Lucie S. guess when the 2 million mark will be clinched. Upon launching Shibarium Layer-2, Shiba Inu developer teamโs vision was to onboard 1 billion active Web3 users, and the L2 chain has made some progress towards the goal.
Currently at 198 million crypto wallet addresses on Shibarium L2, this blockchain operates on Bone ShibaSwap (BONE) as the gas fee. The alternative Shiba Inu token saw a stronger rebound rally than SHIB today, whipping up 36.3% gains in 7 days to reclaim support at $0.32.
Meanwhile, the main token dog-embossed Shiba Inu (SHIB) is exchanging hands at $0.00001373, nearing a new obstacle at $0.000014 with a resistance bubble of 537.8T Shiba Inu coins. Split between 145.16K crypto wallet addresses, this zone consisting of over 90% tokens in place could be flipped into major support if no unexpected sell-off events occur.
On The Flipside
- Shiba Inuโs large transactions dropped by 3.43% over the past 24 hours, signaling that crypto whales havenโt woken up, which could imply large holder doubt on the sustainability of this bull run.
Why This Matters
Technical setups primed for a breakout go along with high trading volumes and new utility cases, reigniting the communityโs enthusiasm for the popular dog-embossed meme coin.
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