Shiba Inu Price Forecast: SHIB Price Gearing Up for a 30% Growth by the End of April, Here’s the Reasoning

Despite experiencing an 11.6% decline to $0.00002417 in the midst of a broader cryptocurrency market slump, Shiba Inu (SHIB) is displaying signs of resilience. Analyst Maximilian has identified key factors that are driving SHIB towards the $0.000031 level.

One significant factor is the notable surge in trading volume. SHIB’s trading volume has increased by 164%, reaching $1.2 billion in 24 hours, which accounts for 8.41% of its market capitalization. Furthermore, SHIB’s derivatives volume has seen a 201% rise, currently standing at $369.97 million. This growth has occurred despite a decrease in open interest to $66 million.

Additionally, investor confidence in Shiba Inu remains strong. More than 12,000 addresses hold at least 1 billion SHIB tokens. Data from IntoTheBlock reveals that 73% of SHIB investors have held their tokens for over a year, indicating a long-term commitment regardless of short-term market fluctuations.

Furthermore, the distribution and holding patterns of SHIB tokens are noteworthy. The majority of addresses hold between 1 billion and 10 billion SHIB tokens, while a smaller number of addresses (around 51) hold between 1 trillion and 100 trillion SHIB tokens. These larger wallets, with billions in cumulative balances, demonstrate the confidence of major SHIB holders.

From a technical perspective, SHIB has faced challenges in reclaiming the $0.000028 price level, currently trading near key moving averages such as the 50-day EMA and the 200-day EMA. However, the presence of these indicators, along with a shift towards self-custody methods, is reducing immediate selling pressure and suggesting the potential for a bullish rally.

The development of SHIB’s layer-2 scaling solution, Shibarium, is another significant factor contributing to its growth potential. Shibarium is experiencing increased activity, and the burning rate of SHIB tokens is rising. This indicates that the community’s efforts to make SHIB tokens scarcer over time are paying off.

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