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Key indicators like heightened social engagement, alongside significant SHIB withdrawals from exchanges, hint at an upcoming bull run for the meme coin.
SHIB’s aggressive token burning and the progress of its Shibarium layer-2 blockchain solution could also contribute to positive market performance., with Shiba Inu being an evident example. Its price is up a mere 1% up for the past 24 hours but remains deep in the red on a weekly scale.
The social intelligence company LunarCrush outlined four factors that can propel such a movement, with the first being increasing social activity. Shiba Inu is among the most trending cryptocurrencies on X due to the vast number of SHIB investors and the hype surrounding the asset. It hasRising price action and accelerating market volume were also noted. Last but not least, LunarCrush stated that SHIB has a very strong “LunarCrush AltRank.
The latest data shows that Shiba Inu has a “LunarCrush AltRank” of 2, which is a serious advancement from the previous figure pointing out 98.there has been a massive SHIB outflow from exchanges in the last seven days. Shifting from centralized platforms to self-custody methods could be considered bullish since it reduces the immediate selling pressure.
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