Shiba Inu (SHIB) Could See Major Price Surge: Trader

The whimsical Shiba Inu (SHIB) meme coin appears poised for another significant rally, according to prominent trader Captain Faibik.

$SHIB #Shiba another 2x Bullish Rally incoming ✍️ pic.twitter.com/srIRdxAfPm

— Captain Faibik (@CryptoFaibik) March 31, 2024

In a recent post, Captain Faibik (@CryptoFaibik) believes that it could experience massive gains.

His chart appears to show characteristics of an ascending triangle pattern. This popular pattern is considered bullish due to its formation of higher lows.

At the time of writing, SHIB is trading at $0.0000305 after a 24-hour increase of 1.3%. It is currently in 13th place by market capitalization while its archival Dogecoin is in the 9th spot.

The cryptocurrency is valued at $17.9 billion. The 24-hour trading volume amounts to $651 million.

According to IntoTheBlock data, a major portion of addresses are currently holding the leading meme coins at prices ranging from $0.000026 to $0.000035. Notably, 44.83% of these addresses are currently turning a profit.

Within the last 24 hours, a large transaction volume amounted to 5.6 trillion SHIB tokens.  

It is worth noting that SHIB is still down more than 64% from its all-time high.