Shiba Inu Price Speculation Rises Amid $500M Buyback Rumor

The Shiba Inu token has been making waves in the crypto community, thanks to rumors of a $500 million buyback plan from its founders. According to a post on X, this alleged plan could send SHIB's price soaring towards new highs. However, it's essential to note that this rumor hasn't been confirmed by Shiba Inu's official channels, and should be treated as unverified news.

SHIB has been struggling to regain its 2021 peaks, but recent on-chain activity suggests genuine growth. Shibarium, the token's Layer 2 network, has seen a significant surge in total value locked (TVL), rising by 298% over the past month. On-chain fees have also increased by 79.5%, with Shibarium now boasting a TVL of $97,453.

From a technical analysis perspective, SHIB's price is currently consolidating below its EMA lines and RSI is leaning bearish at 43.67. However, analysts believe that the mismatch between price and fundamentals could be a bullish sign, as Shibarium's growth suggests real user activity building beneath the token.

Experts caution that unconfirmed news like this can move prices rapidly in either direction once it's confirmed or denied. As such, the $0.000004357 to $0.000004623 zone remains the level to watch, with holding it keeping the setup neutral to constructive, while losing it favors sellers.