Shiba Inu Price Target Revised to 609% Gain Amid Bullish Indicators

Shiba Inu ($SHIB) has recently demonstrated bullish indicators, both technically and on-chain, attracting significant investor attention. Crypto analyst Javon Marks has reaffirmed his bullish stance on SHIB, setting an initial price target of $0.000081. A technical analysis shared on X (formerly Twitter) indicates that SHIB has broken above a long-term resistance trendline, which Marks describes as a key inflection point signaling the start of a strong upward trend.

Marks originally projected a 450% price increase from SHIB’s May 24 level. However, sustained accumulation and bullish momentum have led him to revise his outlook. His updated target now stands at $0.0001553, which represents a potential 609% gain from current levels. According to Marks, these historical chart patterns show similar breakout formations resulting in substantial rallies. He pointed to previous cycles where SHIB displayed comparable behavior, reinforcing the current setup.

On-chain tracker Shibburn reported a 12,833.29% spike in SHIB’s burn rate over the past 24 hours. More than 13 million tokens were permanently removed from circulation during this period. Two transactions, one burning 5 million SHIB and another removing 7.5 million, contributed to the dramatic increase. Since the Shiba Inu burn initiative began in 2021, over 410.75 trillion tokens have been destroyed. As of now, 584.53 trillion SHIB tokens remain in circulation. Despite this aggressive reduction in supply, the price fell 2.97% in the last 24 hours and currently trades around $0.00001129.

Shiba Inu’s marketing lead, Lucie, addressed community concerns regarding scams. In a post on X, she warned against fake SHIB tokens and stressed that the official token was launched on the Ethereum blockchain. Lucie urged users to block and report suspicious accounts to help preserve the ecosystem’s integrity.

With growing momentum from both technical and fundamental factors, SHIB’s outlook remains active in the eyes of market analysts and the broader community. The price chart of Shiba Inu, analyzed through regression channels, reveals a pattern of declines followed by recoveries since its peak in late 2021. Initially, the token experienced a meteoric rise of approximately 1,200,000%, but it subsequently entered a prolonged downtrend, constrained within a descending channel. Within this pattern, two major dips marked key reversals. The first low set off a recovery towards the channel’s midpoint, while a second, deeper low led to an even stronger rebound, displaying increased buyer momentum.

A rising trendline connecting these large bottoms indicates growing buyer support after extended periods of decline. Historically, each touch of the channel’s lower boundary has sparked major rallies, demonstrating the consistency of this pattern. Analysts have projected medium-term price targets at approximately $0.000035 and $0.000070, correlating with the midpoint and upper boundaries of the regression channels. Volume spikes at these bottoms point to increased market participation during recovery phases, further supporting possible upward moves.