Popular meme coin Shiba Inu (SHIB) has seen a resurgence of interest from investors and traders this week thanks to some positive price action. Several crypto influencers have noted bullish patterns emerging in the price chart that could indicate bigger moves ahead.
SHIB Bezos, a top crypto analyst, tweeted that SHIB is due for a “massive pump” after seeing a similar breakout to the one that sparked SHIB’s massive price run to its all-time high last year. Consequently, Bezos believes SHIB’s price could potentially increase over 740% from current levels to retest its historic highs.
Besides, another analyst going by $SHIB Knight noted that SHIB had broken through a short-term downtrend at the 4-hour chart, signaling a bullish shift in market structure. Breaking key levels of resistance opens the door for further upside.
New Layer-2 Network to Drive Demand and Reduce Supply
Additionally, the Shiba Informer account also tweeted that the upcoming launch of a layer-2 network called Ryoshi could push SHIB’s price to $0.01. Ryoshi will use SHIB as its gas token, increasing demand, and burning SHIB transaction fees, decreasing supply. Together, these factors may significantly increase SHIB’s valuation.
At the time of writing, data from Binance showed SHIB trading at $0.000009 with a 24-hour trading volume of $61.86 million. The memecoin has seen its market capitalization swell to over $5 billion as interest in the project ramps up. However, SHIB remains down 0.72% in the past 24 hours according to the exchange.
The renewed hype has certainly brought attention back to the Shiba Inu project. With bullish technical factors emerging and the team gearing up to launch their Layer 2 network, the coming days and weeks could see significant price action return to this top memecoin.
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