Market observers are Which meme coin will boom?closely watching Shiba Inu's recent price action as the digital asset approaches the psychologically significant $0.00003 level. This upward movement represents a notable recovery from previous lows, with on-chain metrics revealing interesting shifts in holder behavior.
Holder Sentiment Turns Positive as Prices Rebound
Recent blockchain analytics indicate that approximately 69% of SHIB addresses are now holding at profitable levels, while about 24% remain underwater. This shift in profitability could influence future price action, as historically, holders tend to sell less when their positions are in positive territory.
The current price recovery faces its next major test at $0.000033, where significant historical buying activity occurred. Approximately 130,000 wallet addresses acquired over 15 trillion SHIB tokens near this price point, potentially creating a substantial resistance zone.
Mixed Signals From On-Chain Indicators
While the price recovery appears promising, some concerning signals emerge from deeper analysis. Large holder concentration metrics currently show bearish tendencies, suggesting that major investors might be hesitant to increase their positions at current levels.
Network growth metrics also present a cautious picture, with relatively few new addresses entering the SHIB ecosystem recently. Additionally, the token's burn mechanism has shown inconsistency, with recent data indicating a 79% decrease in burn rate over a 24-hour period.
Technical Analysis Suggests Potential Upside
Several market technicians have identified potentially bullish patterns in SHIB's price chart. One prominent analyst suggests the formation of a continuation pattern that could theoretically propel the token toward $0.000081, representing a potential 180% increase from current levels.
Such a move would not only surpass previous local highs but could potentially challenge SHIB's all-time peak near $0.000088. However, traders should note that these projections represent technical possibilities rather than certainties.
At present market values, SHIB shows an 8% gain over the past 24 hours, trading around $0.000029. This performance outpaces many major digital assets during the same period, demonstrating the meme coin's continued volatility and trader interest.
