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This Trader Is Bullish on Shiba Inu (SHIB)

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Wed, 6/12/2023 - 5:50
This Trader Is Bullish on Shiba Inu (SHIB)
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Shiba Inu (SHIB), the second most popular meme cryptocurrency, is once again catching traders' eyes. A recent analysis by market expert Jake Wujastyk points to a potential breakout. 

Breakout or fakeout? 

The candlestick chart he published on TradingView indicates that SHIB could be on the brink of an upswing. The chart shows SHIB's price movements within a descending trendline that has been in place for several months. 

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However, the latest price action suggests a bullish reversal, with the price poking through the trendline, which traditionally signals that a positive trend could be underway. 

This is supported by a modest price increase of 3.5%, pushing SHIB's market cap to $5.5 billion, as per CoinGecko data.

Shibarium's record-breaking activity spurs optimism

On the technological front, Shibarium, Shiba Inu's Layer-2 scaling solution, is causing a stir in the crypto community with its recent resurgence. 

After a period of dormancy, Shibarium has exploded back onto the scene, setting a new benchmark by processing a remarkable 7.4 million transactions in a single day, and over 12.5 million in two days. 

This surge in activity follows a period of lesser engagement, making the network's comeback all the more striking. The platform's newfound vitality is apparent, with transaction counts far exceeding previous records set in late October.

In the cryptocurrency world, where the line between hype and substance can often blur, the developments around Shiba Inu's SHIB token and its Shibarium platform present a curious case. Despite Shibarium's impressive performance, the direct impact on SHIB's price remains moderate. 

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