In a recent tweet by Santiment, it has been observed that Shiba Inu, the popular meme-coin, is slowly regaining traders’ attention after experiencing a modest 8% price surge over the weekend.
This development is a ray of hope for Shiba Inu enthusiasts, considering the significant downfall the coin has faced since its all-time high in October 2021, resulting in a staggering 90% decrease in its market capitalization.
Despite the long-lasting bearish sentiment surrounding Shiba Inu, notable indicators such as whale transactions and coin circulation have started showing promising signs.
It signifies a potential revival for the once high-flying cryptocurrency. Traders, who had perhaps put the meme coin aside due to its prolonged downtrend, are now once again taking note of its movements in the market.
Its market cap decline since its peak in October 2021 has been a cause for concern. However, recent data suggests that the coin might be turning a corner. Whale transactions, referring to significant movements of Shiba Inu tokens by large holders, have shown increased activity, indicating renewed interest in the coin.
Furthermore, the circulation of Shiba Inu coins has also witnessed positive developments. The rise in circulation implies that more holders are engaging in transactions, potentially signaling a growing user base and increased liquidity for the token. These encouraging signs offer a glimmer of hope for Its recovery.
Increase in New Daily Addresses for Shiba Inu Coin
Previously, Santiment shed light on the significant increase in new daily addresses created for SHIB. Over the past few weeks, the number of new addresses has consistently surpassed 2,500 per day.
Its insight report highlights Shiba Inu’s impact on the market, as it garnered attention by being one of the tokens with the highest transaction fees. This surge in activity indicates heightened interest in the meme coin.
By analyzing the underlying trends, there are several positive factors for SHIB. These include network growth, network realized profit loss being underwater, and a decreasing supply of SHIB on exchanges.
As per the insight report, despite the potential promise behind this meme-coin, it is crucial to evaluate the situation from two distinct perspectives.
Firstly, the sudden attention on meme-coins, including SHIB, may serve as a toppish indicator, signaling a potential market top or peak. This renewed focus on SHIB could imply market saturation or even a future decline.
On the other hand, this recent surge in interest could breathe new life into SHIB, which had previously operated under the radar.
However, Santiment’s proprietary metrics reveal that daily active addresses for SHIB were lackluster before this sudden surge, indicating a newfound demand for the token.
Related Reading | Cardano Ascends: Development Teams Forge Ahead In Ecosystem Evolution
