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TL;DR
- Technical indicators like the TD Sequential suggest a potential trend reversal for Shiba Inu, fueling hopes of a renewed rally.
- The Shiba Inu team warned users to stay vigilant, with LUCIE alerting the community that bad actors are using the meme coin’s name to target victims.
SHIB Bull Run Incoming?
The second-largest meme coin in terms of market capitalization witnessed a solid resurgence in the past two weeks, with its price soaring by over 10% for that period. However, Shiba Inu (SHIB) remains far below the peak levels observed in the past years.
One popular analyst who touched upon Shiba Inu’s recent performance is Ali Martinez. He estimated that the TD Sequential indicator has flashed a buy signal on the weekly chart, suggesting this might be setting the stage for “a major rebound.”
The technical analysis tool, developed by Tom DeMark, is used in crypto (and other markets) to spot potential trend reversals as it shows whether the underlying asset has reached an exhaustion point in either direction.
Other industry participants giving their two cents on the topic include the X users mrpartickschmitt and Crypto Guru. The former looked back on April 2021 when SHIB “started to pump and kicked it all off.”Â
“I don’t know which one will kick it all of[f], but I am certain that history might repeat, even with way different metrics and conditions,” he added.
Crypto Guru didn’t go into much detail, simply predicting that Shiba Inu could experience a price explosion “soon.”
Beware of Scammers
Besides being the subject of price predictions, Shiba Inu has become a hotbed for scammers. The team behind the meme coin has recently issued multiple warnings about fraudulent attacks within the ecosystem.
A few days ago, LUCIE (the pseudonymous Marketing Strategist of Shibarium) cautioned that wrongdoers have been using SHIB’s name to target victims.
“I don’t have the power to shut bad actors using SHIB’s name – but I do want MY SHIB community to be as informed as possible and to keep spreading the good word about SHIB – the one and only Ethereum-born Shiba Inu,” they said.
LUCIE assumed that scams can’t be eliminated entirely but promised “to build safe spaces where people get educated about these things.”
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