Shibarium, the innovative blockchain project from the Shiba Inu team, has witnessed an extraordinary surge in transaction activity over the past 24 hours, setting the SHIB community abuzz. The project recorded a staggering 18,530 transactions during this period, marking a remarkable 54% increase compared to the previous day.
The surge in Shibarium’s transaction activity coincides with an intriguing price action scenario surrounding 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.
Adding to this, the SHIB token has already experienced an impressive 12% price surge this week, marking its most significant weekly increase since July’s end.
Bull: Rally or trap?
Crypto enthusiasts are cautiously optimistic about the SHIB price chart, which appears to have a bullish undertone. To truly ignite a bullish rally, it is imperative for SHIB to break through and sustain 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 if it is merely a bull trap. Only time will provide the answer.
However, on-chain statistics, as reported by IntoTheBlock, reveal an uptick in activity among large SHIB holders, with a whopping 265% overnight increase in large SHIB transactions volume.
This surge in whale activity lends credibility to the notion of increased interest to Shiba Inu.
As the market eagerly awaits the next move, all eyes are on Shiba Inu as it inches closer to a potentially game-changing breakthrough.