Shiba Inu has witnessed significant growth in its network and active addresses in recent weeks. The price of SHIB has continued to display a bearish trend.
Negative sentiment surrounded SHIB, with a high volume of social activity. Unfortunately, SHIB’s price experienced a 3% decline within the past 24 hours.
Shiba Inu (SHIB) has faced significant price declines over the past month. Despite this, a recent analysis by Santiment highlighted intriguing metrics indicating increased network activity amidst the price drop.
😺 #ShibaInu has seen a big rise in new daily addresses created, consistently over 2,500 per day in the past couple weeks. Despite the underwhelming price performance, our latest insight covers why there's promise behind one of 2021's favorite #memecoins. https://t.co/Lzrpd3o06v pic.twitter.com/8jOt0weIyE
— Santiment (@santimentfeed) July 6, 2023
With the demand for the memecoin gaining momentum, it is worth considering the possibility of a price increase in the upcoming days.
Demand for Shiba Inu is on the rise:
Additionally, the active addresses of the memecoin also showed a similar pattern. This could imply that the market is approaching a peak or conversely indicate the opposite. As demand for the token continues to grow, there is a possibility of observing an increase in its price.
According to Santrends’ analysis, the recent attention towards Shiba Inu (SHIB) has the potential to revitalize a token that was previously not widely noticed. Santiment’s own metrics indicate that the daily active addresses for SHIB were relatively low before this surge in interest, suggesting an emerging demand for the token.
SHIB investors are feeling the pressure:
Shiba Inu has experienced a significant decrease in market capitalization, causing the token to drop to the 19th position on the list of top cryptocurrencies. Currently, it is trading at $0.00000721 and holds a market cap of over $4.2 billion.
The memecoin faced widespread negative sentiment, indicated by its weighted sentiment. Nevertheless, its social volume remained high, indicating that it continued to be a popular topic of discussion.
Is a Shiba Inu recovery on the horizon?
SHIB’s supply on exchanges slightly decreased, while the supply held outside of exchanges increased, indicating growing demand for the memecoin. Additionally, the MVRV Ratio, which experienced a significant decline, exhibited signs of recovery, bringing optimism to the situation.
According to CryptoQuant’s data, Shiba Inu’s net deposits on exchanges were notably higher compared to the previous seven days. This suggests that the memecoin was facing selling pressure at the time, which could potentially lead to challenges in its market performance.
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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