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The crypto world got a surprise from a big name in the business, Vitalik Buterin. The co-founder of Ethereum talked about Shiba Inu, a token that lots of traders marked as a quick way to make money and not really serious.
Buterin said he donated a bunch of SHIB to charity, thinking the price would fall down a lot, and he did not think it would be worth much after a few weeks of trading on the market. But, SHIB did way better than he thought it would.
This indirect endorsement from Buterin stands out, as it sheds a favorable light on SHIB's market presence, especially considering its unexpected performance.
Looking at the SHIB/USDT daily price chart, a strong uptrend can be spotted. After a phase where the price remained relatively stable, SHIB has exhibited a significant increase in buyer interest. The chart indicates an upward trajectory, with the price moving past the moving averages — a sign often used by traders to gauge market momentum.
Currently, SHIB is trading close to a resistance level, a price ceiling where past attempts to push higher have been met with selling pressure. To maintain its momentum, SHIB needs to break through this barrier, which could lead to increased investor confidence and potentially further gains.
Conversely, there is an established support level, where past buying has been strong enough to prevent price drops, providing a potential platform for future growth if the current buying interest is sustained.
Combining Buterin's unexpected remarks with SHIB's positive price movements on the chart, the situation points to potentially underestimated strength in SHIB. While Buterin did not share any advice or give any bullish forecast for the meme coin, it might still benefit heavily from a single shout-out from one of the biggest influencers in the cryptocurrency industry.
Mushumir Butt
Gamza Khanzadaev
Tomiwabold Olajide
