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- Shiba Inu (SHIB) has been predicted to record a huge upsurge as Shibarium’s Total Value Locked (TVL) targets 10% of Ethereum’s TVL.
- SHIB has also been tipped to use its token burns to set a new all-time high price this year.
Shiba Inu (SHIB) has been one of the top performers this month, with a staggering surge of 30% in the last 30 days. According to our market data, the asset has printed 23% gains on its weekly price chart and 4% gains on its daily chart. With a current price of $0.00001587 and a market cap of $9.4 billion, SHIB has secured its position as the 15th largest crypto.
While SHIB appears to be reacting to the broad market rally, its present performance is also reported to have been significantly triggered by the growth of Shibarium’s Total Value Locked (TVL).
At press time, its TVL was almost approaching the $4 million mark. Fascinatingly, analysts believe that the rising network activities could push Shibarium to capture 10% of Ethereum’s $90 billion TVL.
Mathematically, the 10% would position Shibarium’s TVL at $9 billion. This implies that its current TVL would have to rise by more than 2000 times to reach this level. According to analysts, this margin of growth is unrealistic as it would require an unprecedented increase in adoption.
However, SHIB could still rely on its burning exercise to trigger a price surge. As indicated in our previous news brief, Grok3 has pointed out that the asset could hit $0.01 as long as mass adoption is reached, more utility is recorded, and a significant portion of the supply is eliminated. Meanwhile, Shiba Inu recently launched a Shibarium DApp store with more than 1,200 decentralised applications, as also highlighted in our blog post.
Shiba Inu (SHIB) Price Analysis
In the medium term, the asset has been predicted to “kill” one more zero to reach $0.00015. From this level, SHIB could proceed to hit $0.00075.
On its price chart, SHIB is also forming a bullish round bottom pattern in an attempt to make a decisive move above the neckline found at the $0.000016 level. Once this setup successfully plays out, SHIB could record an impressive surge of 55% to reach $0.000024.
The bullishness of the dog-themed meme coin has also been confirmed by the readings of the Relative Strength Index, which is hovering above 50. Adding to this, the Red AO Bars show that bears are losing grip of the market.
Earlier this month, an anonymous crypto analyst identified as Waheed Ahmed also predicted that SHIB could stage a bullish reversal this year to set a new all-time-high price record.
Reviewing his analysis, we found that Ahmed’s estimation was based on the harmonic XABCD pattern. According to an accompanying chart, the X of the pattern was formed at $0.00004540 last year after the asset recorded a massive surge. Prior to this, SHIB had recorded a slow uptrend from January 2023 to February 2024.
The A part of the pattern was formed in August 2024 after the price dropped to $0.000011. While B was said to be the highest swing in 2024, C was also highlighted to be the year-to-date low. According to the analyst, a validation of this pattern could see SHIB retest the $0.00003345 high. As mentioned in our recent report, SHIB is also expected to make a good run by 500% to hit $0.000081.
