Cryptocurrency investors got quite scared due to the recent market correction. Even though Bitcoin hit its highest price ever on March 5, the excitement was short-lived as the whole market took a big dip afterward. Meme coins like Shiba Inu (SHIB) were hit hard by this downturn.
On March 5, SHIB’s price dropped a lot, going from a high of $0.00004455 early in the day to $0.00002748 by evening. However, it has bounced back a bit since then. On March 6, it went up to $0.00003843 in the morning but has settled around $0.00003176, showing a 5% decrease in price over the past 24 hours.
Bullish Sentiment Persists for SHIB Amid Market Downturn
Despite the recent market dip, there’s still hope for Shiba Inu (SHIB) enthusiasts. According to a recent post from the social data analytics platform Santiment, investor sentiment toward SHIB remains surprisingly bullish.
🗣️ After the rollercoaster 24 hours following #Bitcoin's new #AllTimeHigh and markets hitting the reset button, #ShibaInu and #DogWifHat are top assets traders are anticipating potential rebounds from. #Solana is seeing speculative #bullishness as well. https://t.co/eTxPJnuh3F pic.twitter.com/fMRLd6Y1J9
— Santiment (@santimentfeed) March 6, 2024
SHIB is currently the top trending cryptocurrency, with traders showing a stronger belief in its potential for a rebound compared to other assets. Despite the market turbulence, SHIB enthusiasts seem to maintain optimism about the coin’s future.
Santiment also pointed out another meme coin, Dogwifhat (WIF), which experienced a remarkable price surge of over 600% during the recent market rally. WIF ranked second on Santiment’s list of the top meme coins based on social data, indicating continued interest in these types of assets despite market volatility.
Social Media Surge Boosts SHIB’s Appeal
The surge in social media discussions surrounding the acquisition and long-term holding of Shiba Inu (SHIB), as evidenced by Santiment’s data, is a significant contributing factor to its popularity. This spike in online chatter can be largely attributed to SHIB’s impressive price and market cap growth leading up to the market correction.
Between February 23 and March 6, SHIB experienced an astounding 378% surge in price. This remarkable price appreciation propelled SHIB’s market cap to an impressive $20.96 billion, marking its highest point since December 2021. Notably, SHIB even entered the top 10 cryptocurrencies by market cap during this period. Such rapid growth undoubtedly instilled greater confidence among investors in SHIB’s long-term potential.
SHIB’s Future Uncertain Amid Crypto Market Changes
Predicting the future of Shiba Inu (SHIB) is challenging due to the unpredictable nature of the crypto market. Factors such as market sentiment, regulatory developments, and advancements within the SHIB ecosystem will play crucial roles in determining the meme coin’s price trajectory.
Despite recent market volatility, data from Santiment indicates that a core group of investors remains optimistic about SHIB’s long-term prospects. This enduring optimism suggests that there is still confidence in SHIB’s potential to succeed amidst market turbulence.
Shytoshi Kusama’s recent positive response to a prediction of SHIB’s market cap reaching $100 billion has further boosted investor optimism. This newfound confidence, combined with SHIB’s inherent potential, may set the stage for a potential resurgence in the coin’s value.
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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