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The crypto world received a surprise from a big name in the industry, Vitalik Buterin. The co-founder of Ethereum talked about Shiba Inu, a token that many traders consider a way to make money quickly and not really seriously.

Buterin shared his impressions of the Shiba Inu memecoin after dumping a huge amount of SHIB. He is most likely referring to the 500 billion SHIB sent to him by anonymous founder Ryoshi in 2021 – half of the total one quadrillion token supply.

The founder of Ethereum said he donated a large amount of SHIB to charity, thinking the price would plummet 100 times and did not think it would be worth it after a few weeks of trading on the market. He wants the recipient to have enough time to withdraw money worth at least 10-25 million USD. But now, Buterin has to admit that “SHIB has far exceeded expectations.”

This indirect endorsement by Buterin stands out as it casts a positive light on SHIB's presence in the market, especially considering its unexpected performance.

SHIB head Shytoshi Kusama quoted Buterin's tweet, offering upbeat comments in the form of the hashtag: #SHIBARMYSTRONG. This makes the Shiba Inu community extremely excited.

SHIB price chart. Source: TradingView

Looking at the daily price chart, one can see a strong upward trend of SHIB. After a period where prices remained relatively stable, SHIB has shown a significant increase in buyer interest.

The chart shows an upward trajectory, with price moving above moving averages – a sign commonly used by traders to gauge market momentum.

Currently, SHIB is trading near a resistance level that has consistently stalled previous attempts to move higher. To maintain the upward momentum, SHIB needs to overcome this barrier, helping investors increase confidence and potentially gain higher profits. Conversely, SHIB has established a support level with enough buying pressure to prevent prices from falling further, creating a potential foundation for future growth.

Combining Buterin's unexpected comments with SHIB's positive price movement on the chart, this situation suggests that SHIB's strength may be underestimated. Although Buterin did not share any advice or make any bullish forecast for memecoin, it could still benefit greatly from the positive commentary of one of the biggest influencers in the industry. cryptocurrency space.

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