Will SHIB Rise by 55%? The Explosion of Shibarium Could Send SHIB to $0.0001?

Shiba Inu (SHIB) has seen significant growth this month, driven not only by the overall bullish sentiment in the cryptocurrency market but also by the increase in Shibarium's Total Value Locked (TVL), which is nearing the $4 million mark. With the usage and adoption of this layer-2 network surging, can it capture 10% of Ethereum's $90 billion TVL? What impact will this have on the price of Shiba Inu?

The current trading price of Shiba Inu is $0.0000163, up 8% in the last 24 hours, a remarkable increase. The upward momentum for SHIB faced resistance at $0.000017, but if it can break through this level and sustain the upward trend, it is expected to reach the high of $0.000020 in January 2025.

The rise of Shiba Inu comes as this Ethereum-based meme coin continues to follow the price of ETH, which has performed best over the past seven days with a 40% increase. SHIB's upward trend in the past week is also attributed to the growth of the Shibarium network, which has added over $1.5 million to its Total Value Locked (TVL) in just one month.

This growth, along with the subsequent rise in SHIB's price, has led to speculation: Is the layer-2 network the key for Shiba Inu to reach price targets of $0.001 and $0.0001?

While Shibarium may be the main catalyst pushing SHIB's price to the psychological level of $0.0001, the weekly chart also shows a bullish Shiba Inu price prediction after the meme coin forms a rounded bottom pattern and overcomes the resistance at the neckline of $0.000016.

If Shiba Inu can confirm a weekly close above this neckline level, it could drive the token up by 55% to $0.000024, equivalent to the height of this rounded bottom.

Meanwhile, the weekly RSI has broken above 50 for the first time since mid-January, indicating that bullish momentum is strengthening, and the SHIB meme coin could rebound. The red AO bars also confirm that bearish sentiment is waning, and if this indicator breaks upward, it will propel Shiba Inu's price above $0.000024.