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Shibarium, the innovative blockchain project from the Shiba Inu team, has witnessed an extraordinary surge in transaction activity over the past 24 hours, creating a stir in the SHIB community. The project recorded a staggering 18,530 transactions during this period, a notable increase of 54% compared to the previous day.
The increase in Shibarium transaction activity coincides with an intriguing price action scenario around the Shiba Inu token (SHIB). For the past four days, SHIB has been hovering near the critical resistance level of $0.000008 per SHIB, tantalizing investors with the prospect of a breakout that has yet to materialize.
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On top of this, the SHIB token has already seen an impressive 12% price rise this week, marking its most significant weekly rise since late July.
Bull: Meeting or trap?
Cryptocurrency enthusiasts are cautiously optimistic about the SHIB price chart, which appears to have a bullish undertone. To truly initiate a bullish rally, it is imperative that SHIB breaks through and maintains a price range between $0.000008 and $0.0000084 per Shiba Inu token.
The question on everyone’s mind is whether this scenario will materialize or whether it is simply a bull trap. Only time will give the answer.
However, on-chain statistics, as reported by IntoTheBlock, reveal a surge in activity among large SHIB holders, with a massive 265% overnight increase in large SHIB trading volume.
This increase in whale activity lends credence to the idea of increased interest in Shiba Inu.
As the market anxiously awaits the next move, all eyes are on Shiba Inu as it inches closer to a potentially game-changing breakthrough.
