According to Santiment analysts, the cryptocurrency Shiba Inu (SHIB) has experienced an increase of around 9% from its recent low on Friday.
After reaching its highest value in October 2021, the coin has witnessed a significant decline in market capitalization, losing approximately 90% of its value amidst the current bearish trend in the cryptocurrency market.
Positive Outlook for Shiba Inu, Says Santiment
Santiment, a cryptocurrency analysis firm, has highlighted some encouraging signs for the future performance of Shiba Inu. In a statement, Santiment mentioned that the coin is gaining attention from traders once again. They also noted that Shiba Inu’s whale transactions and circulation are displaying positive indications.
According to Santiment, the amount of Shiba Inu coins actively used or exchanged, known as circulation, is demonstrating positive indications. This can be an important metric to gauge the coin’s demand and usage rate, suggesting favorable prospects for Shiba Inu’s performance.
Shiba Inu: From Joke to Surprising Success in 2021
Initially introduced in August 2020 as a humorous and competitive counterpart to Dogecoin, another cryptocurrency based on memes, Shiba Inu surprised many by experiencing a remarkable surge in popularity during 2021.
As of now, Shiba Inu (SHIB) is trading at a price of $0.000007624, with a market capitalization of around $4.5 billion. Notably, the coin has experienced a 4% increase in value over the past 24 hours.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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