Two factors also suggest that the price of SHIB could be about to rise by 70%. These include an increase in whale buying activity and network growth.
According to data from IntoTheBlock, the net flows of large holders increased from -233 billion to 532 billion in two days, indicating that whale wallets increased their allocation to this meme coin by over 700 billion coins.
The continued accumulation of whale addresses has also caused large transactions to nearly quintuple in 24 hours, rising from 1.22 trillion to 5.43 trillion. This indicates that whales may be in an accumulation phase and more gains are likely to follow.
At the same time, data from DeFiLlama shows that the TVL of Shibarium has risen to 2 million dollars, after remaining below this milestone for almost a week. If this increase continues, it could bode well for the price of Shiba Inu and lead to a strong bullish rally.
Today's gains in the price of SHIB indicate that a 71% rally to $0.000030 could soon occur due to the emergence of a double bottom pattern. If whales continue to buy more Shiba Inu coins now, when network activity is on the rise, it is possible that the price will surge towards this level.