TL;DR

• Despite a downturn at the beginning of October, SHIB recently pumped by 4%, with some analysts predicting a potential 130% rally if key patterns are confirmed.
• Shibarium hit 7 million in processed blocks, but it has slowed its progress lately.

SHIB Eyes Another Price Explosion?

The second-largest meme coin made the headlines towards the end of September when its price spiked substantially. Recall that SHIB reached a three-month high while its market capitalization briefly soared above $12.5 billion.

Contrary to the overall expectations of a further rally, October (commonly referred to as “Uptober” by the community) offered pain for the bulls. Shiba Inu was among the many cryptocurrencies heading south, erasing much of the gains recorded last month.

The enhanced volatility continued in the past 24 hours, with the token pumping by 4% amid a revival of the entire meme coin realm. One person who believes a bull run might be just starting is the popular X user Yoddha.

The analyst thinks SHIB’s price pattern has formed a specific triangular shape, which could be followed by a 130% rally if broken to the upside. 

Some important indicators support that thesis. The Shiba Inu burn rate, for instance, has