Key Insights:
Shiba Inu has formed a bullish chart pattern, i.e., rounding bottom on its daily charts.
The next major target for SHIB is at $0.0067, the highest point of the previous cycle.
Fundamental developments like DAO, greater adoption of Shibarium, Cancun Hardfork and increased number of users lift SHIB's price.
Despite intense competition from L2s and memecoins, Shiba Inu continues to beat both types of competitors.
Shibarium, the native blockchain of Shiba Inu, has recently seen high growth, reaching an all-time high in TVL.
Shiba Inu has formed a complete rounding bottom chart pattern on both daily and weekly charts. The pattern started forming around March this year and finished this month, earlier than expected (Feb 2025). A similar pattern seeded growth in Solana, taking it from $125 to $263.
Shiba Inu Forms Rounding Bottom Chart Pattern
Tradingview
This pattern is widely regarded as a perfect chart setup for price recovery. In the case of Shiba Inu, it could trigger a price recovery from $0.45 to $0.67, most likely between December 2024 to February 2025.
In the last one month, Shiba Inu has seen some aggressive growth due to the stellar performance of memecoin markets as well as the general euphoria in the market. Last month SHIB gained around 58%.
SHIB Gains in the Last 1 Month
CoinMarketCap
With the arrival of the alt season, this growth could get even more accelerated. Today, the altcoin index saw its value rise to 85, signaling the degree of bullishness in altcoins.
We expect SHIB to reach $0.000045 at least in December 2024, while bullish estimates show a possible $0.67.
The main leg of the rally lies in Jan 2025 when SHIB could reach out for $0.000088. This could be the ultimate price SHIB will reach in 2025.
SHIB's Weekly Charts Showing Resistances in Red Lines
Tradingview
However, if the altcoin season intensifies or we receive any positive news on the regulatory front, we may see SHIB reaching for $0.0001 next year.
Shiba Inu has been a top choice for memecoin investors because of several reasons. It has a very capable team; it has shown strong growth in user numbers in the last year, and the SHIB ecosystem could see a more democratic approach with the setup of a DAO.
All of these ensure that SHIB remains a useful token long after the memecoin fever fades away.
Shiba Inu has been a favorite investment for whales and hence benefits from whale demand. At present, more than 1.45 million users hold SHIB in various addresses out of which whales have a 59% domination on token supply.
Shiba Inu Holdings Distribution
CoinMarketCap
Further, there is a huge trend of HODLing Shiba Inu among investors, many of whom want to HODL it till the price reaches $1 or even $0.1. The current holding pattern shows that 76.29% of SHIB holders have held it for a long time (1yr+).
Shiba Inu Holdings by Time Held
CoinMarketCap
Besides being the second largest p[popular memecoin, Shiba Inu has been a major Layer-2 project lately. The implementation of the Cancun Hardfork shows a resolve to make SHIB one of the top L2s. The hardfork will help SHIB make its burn mechanism more efficient and allow it to access Ethereum blobs for cheaper transactions easily.
The launch of the Shiba Inu DAO will be revolutionary for SHIB as it will allow users to participate in governance and give direction to the team on critical strategic issues.
If this governance mechanism functions as smoothly as Ethereum, it could eventually propel SHIB into the top five cryptos by market cap.
The on-chain TVL value on Shibarium has hit a high of $8.52 million after an 851% surge in the last three months from $1.13 million in September to $5.82 million in December, which is at its all-time high. Most of this comes from one dapp, i.e., ShibaSwap.
Considering Shiba Inu's $17 billion market cap, Shibarium has potential to grow in terms of DeFi growth.
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