Shiba Inu dubbed the “Dogecoin Killer,” made its mark by leveraging social media platforms to an unprecedented level. With its updates on upcoming initiatives, virality, and community interaction, Shiba Inu has been able to hold investors’ attention when most mid- and small-caps are still finding it difficult to acquire any traction on a weekly timeline.
Data analytical platform Santiment has reported an increase of nearly 20% in SHIB’s social volume, a crucial metric that gauges public interest, sentiment, and engagement within the community. Social volume often spikes during significant events, announcements, or price fluctuations, acting as a barometer for the health of a cryptocurrency’s ecosystem.
Given that the meme coin is only a few days away from releasing its eagerly anticipated layer-2 protocol, as well as the fact that social media sites like Reddit, Twitter, and Telegram played a pivotal role in spreading the word about SHIB, this has helped reinforce its image as a promising digital asset. The outcome was a meteoric social volume that resonated outside of the cryptocurrency sector, reaching general audiences and arousing interest.
An uptick in social volume has not only shaped public sentiment; it has also influenced market dynamics. The increased social chatter often correlates with price movements, as bullish sentiment can drive more investors to buy, while negative sentiment may trigger selling.
During periods of heightened social volume, Shiba Inu has experienced notable price surges, capturing the attention of traders, investors, and media outlets. SHIB’s price also jumped as the network’s Shiboshi NFTs witnessed higher demand with soaring transactions in the ecosystem.
Shiba Inu Project Lead’s New Tweet Is A Whole “MOOD”
Once again, the enigmatic co-founder of Shiba Inu, known as Shytoshi Kusama, has sparked excitement with a captivating tweet that showcased an anime-style GIF accompanied by the word “MOOD.” Following this, Lucie, a marketing specialist, shared Kusama’s latest updates on forthcoming initiatives within the Discord group.
The initial update revolved around the concept of “dry ink,” hinting at the completion of a contract. The subsequent update focused on technological advancements and the promotion of significant causes. The third update, expected to follow soon after, is said to be of great significance, warranting celebratory gestures. While the specific entities involved in these partnerships remain undisclosed, the news has undeniably stirred anticipation within the SHIB community.