Immy Dorse 
Shiba Inu’s Recent Rally: Is a Bigger Jump Coming?
Shiba Inu (SHIB) has been on a roll this month, climbing about 18%—its strongest performance since November. Over the past day alone, it’s up more than 7%, according to CoinDesk data. That’s not nothing for a meme coin that’s often written off as just a joke.
Part of this seems tied to the broader crypto market heating up again, with bitcoin hitting all-time highs above $118,000. When bitcoin moves, other tokens often follow, and SHIB is no exception. But there might be more to it than just riding the wave.
Trading Volume and Token Burns
The rally hasn’t been quiet. Trading volumes have been unusually high, and the SHIB community’s token burn efforts—where tokens are permanently taken out of circulation—have ramped up. Over 9.5 million SHIB were burned in the last 24 hours alone. That’s a decent chunk, though it hasn’t made a huge dent in price yet.
Still, the numbers are interesting. Between July 10 and 11, SHIB jumped from $0.000012476 to $0.000013399, with a staggering 1.9 trillion tokens changing hands. Then, in the last hour of that period, it dipped slightly—down about 1%—likely due to some traders cashing out.
Key Levels to Watch
Right now, SHIB has pushed past resistance at $0.000013110, backed by that heavy volume. The next hurdle is around $0.000013580. If it clears that, some traders think it could head toward $0.000014000—a psychological barrier that might trigger more buying if broken.
On the flip side, there’s support near $0.000013230. If that holds, the upward momentum could keep going. But crypto’s volatile, so nothing’s guaranteed.
Double Bottom Pattern in Play?
The bigger question is whether SHIB is forming a “double bottom”—a classic bullish signal. After hitting a low near $0.00001005 in April, it bounced, dipped again, and is now climbing once more. If it breaks past the May high of $0.00001764, that could confirm the pattern and hint at a longer-term uptrend.
Of course, patterns don’t always play out. Meme coins, especially, can be unpredictable. But with the recent volume and burn activity, there’s at least a case for cautious optimism.
For now, traders seem to be betting on SHIB’s momentum. Whether that lasts—well, we’ll see.