Santiment says that a token that gained 8% last weekend is gaining popularity among altcoin investors again.
Altcoin investors have relisted this bullish token
Shiba Inu (SHIB) is back on investors’ radar after gains last weekend, according to a new report from on-chain analytics firm Santiment. Prior to that, SHIB had dropped 90% from its October 2021 peak. Although it recovered slightly in the new year, it did not reach its previous levels. Santiment says current metrics give good signals on whale operations and circulation.
Demand for the Shiba Inu is rising: Will it be price-effective?
The Shiba Inu had a tough time last month as the price continued to drop. But Santiment’s other analysis points to some interesting metrics that point to higher network activity despite the price drop.
As the demand for the meme coin gains upward momentum, the possibility that its price will increase in the coming days cannot be ruled out.
Santiment’s analysis revealed that SHIB’s demand is on the rise. This is evident from the massive increase in network growth. For starters, the increase in metric meant more new accounts were created to transfer tokens in a given time frame.
Not only that, the active addresses of the meme coin followed a similar trend. This could either mean that the market is approaching the top or suggest the opposite. As the demand for Shiba increases, it brings with it an increase in price. According to Santrends’ analysis of Santiment:
On the other hand, the final attention can breathe new life into a previously overlooked Shiba. As our proprietary metrics suggest, daily active addresses for SHIB were lackluster prior to this surge in interest, indicating new demand for the token.
SHIB investors under pressure
The market value of the Shiba Inu has dropped drastically recently. This pushed the token to the 19th place in the top cryptos list. Negative sentiment around SHIB was also predominant, as evidenced by its weighty sensibility. However, its social volume remained high. This shows that it continues to be a subject of debate.
Will the Shiba Inu recover soon? How ready are altcoin bulls?
While the supply of SHIB in the stock markets decreased a little, its supply outside the stock market increased to reflect the demand. Meme coin’s MVRV Ratio has shown signs of recovery that are optimistic, after a sharp decline. However, his net deposits on exchanges were higher than in the past seven days, according to data from CryptoQuant. This issue means trouble as it means the Shiba Inu is currently under selling pressure.
Meanwhile, the launch date for the highly anticipated Shibarium has been announced. To the latest statements from lead developer Shytoshi Kusama cryptocoin.comWe have included it in this article.
Contact us to be instantly informed about the last minute developments. twitter‘in, Facebookin and InstagramFollow and Telegram And YouTube join our channel!
Risk Disclosure: The articles and articles on Kriptokoin.com do not constitute investment advice. Bitcoin and cryptocurrencies are high-risk assets, and you should do your due diligence and do your own research before investing in these currencies. You can lose some or all of your money by investing in Bitcoin and cryptocurrencies. Remember that your transfers and transactions are at your own risk and any losses that may occur are your responsibility. Cryptokoin.com does not recommend buying or selling any cryptocurrencies or digital assets, nor is Kriptokoin.com an investment advisor. For this reason, Kriptokoin.com and the authors of the articles on the site cannot be held responsible for your investment decisions. Readers should do their own research before taking any action regarding the company, assets or services in this article.
Disclaimer: Advertisements on Kriptokoin.com are carried out through third-party advertising channels. In addition, Kriptokoin.com also includes sponsored articles and press releases on its site. For this reason, advertising links directed from Kriptokoin.com are on the site completely independent of Kriptokoin.com’s approval, and visits and pop-ups directed by advertising links are the responsibility of the user. The advertisements on Kriptokoin.com and the pages directed by the links in the sponsored articles do not bind Kriptokoin.com in any way.
Warning: Citing the news content of Kriptokoin.com and quoting by giving a link is subject to the permission of Kriptokoin.com. No content on the site can be copied, reproduced or published on any platform without permission. Legal action will be taken against those who use the code, design, text, graphics and all other content of Kriptokoin.com in violation of intellectual property law and relevant legislation.