Shiba Inu Sees Massive Transaction Surge: Is This a Bull Trap?

Shiba Inu’s transaction volume skyrocketed to an astounding 5.76 trillion SHIB tokens in just one day, raising questions about its potential trajectory and the market’s reaction. While this surge could fuel bullish sentiment amongst retail traders, on-chain data paints a more nuanced picture. Although the price has recently rebounded from the 100-day exponential moving average (EMA), it currently sits at a crucial support zone in the $0.00001440-$0.00001460 range, indicating technical strength. This bounce echoes a strong historical support zone visible on the daily chart, suggesting that this might be more than just hype.