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Strength and growth can only be achieved through perseverance and struggle. If you thought this is valid only for ‘self-help’ work, you are mistaken. The financial market’s bulls follow the same strategy.

As the entire crypto-market wrestled to embrace friction, Shiba Inu [SHIB] recorded 18.19% gains over the last seven days.

Is it a fakeout or breakout?

Trading ‘breakouts’ is every trader’s wish. However, the task of identifying real breakouts could feel like a maze. Even so, many SHIB intraday traders were able to reap profits after the meme coin broke out of its near-term supply zone of $0.00000885 on 21 June. In fact, the large transactions of Shiba Inu’s ecosystem rose by 888% on 20 June.

Notably, the increase in large transactions doesn’t assert that people are buying SHIB. But, a look at its price action can give us more clarity.

After there was an unprecedented increase in the count of large transactions, SHIB went up the chart on a lower timeframe. Now, large transaction surges are usually linked to increased activity from whales. This implicitly shows that the whales have been buying SHIB at a discounted price.

Source: IntoTheBlock

Looking at the on-chain metrics, one can understand that the meme coin is trying to gather strength independently. Consider this – Its correlation with the king coin fell sharply from 0.9 to rest at 0.8 on 22 June.

Source: IntoTheBlock

Furthermore, an analysis of the top-100 Shiba Inu holders shows a 16.67% spike in active addresses. After 20 June, the number of active addresses increased only to decline later. Consequently, on 22 June, only 4.5k addresses were active.

Interestingly, 21 June saw a total of 2.2k new addresses being registered on the Shiba Inu network.

Source: IntoTheBlock

But, all is not well?

While the mood of the general market

Read more from our friends at AMB Crypto

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The Logo Story

currensceneFLOGO WHTsquareThough not the oldest form of currency, some form of shell money appears to have been found on almost every continent. The shell most widely used worldwide as currency was the shell of Cypraea moneta, the money cowry.

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