- Sentiment around SHIB remained negative, while social volume was high.
- The price of SHIB is down 3% in the last 24 hours.
Shiba Inu [SHIB] has struggled for the past month as the price continued to drop. However, Santiment’s latest analysis pointed to some interesting stats, pointing to higher network activity despite the price drop.
😺 #Shiba Inu has seen a large increase in the number of new addresses added daily, consistently exceeding 2,500 per day over the past few weeks. Despite the disappointing price performance, our latest insight addresses why there’s promise behind one of the 2021 favorites #memecoins. https://t.co/Lzrpd3o06v pic.twitter.com/8jOt0weIyE
— Santiment (@santimentfeed) July 6, 2023
As demand for the memecoin gained momentum, the possibility of a price hike in the coming days cannot be ruled out.
Read Shiba Inus [SHIB] Price prediction 2023-24
Shiba Inu demand is rising
Santiment revealed this in a recent analysis SHIBdemand increased. This was evidenced by the massive increase in network growth. For starters, a rise in the metric meant more new accounts were created to transfer the token in a given time frame.
Source: Sentiment
Not only that, but the memecoin’s active addresses also followed a similar trend. This could mean that the market was approaching the top, but it could also suggest the opposite. As the demand for the token increases, we may witness a rise in price.
According to Santrends’ analysis on sanitation,
“On the other hand, the recent attention may revive a token that was previously under the radar. As suggested by our own stats, daily active addresses for SHIB were lackluster before this surge in interest, indicating renewed demand for the token.
SHIB investors are under pressure
Shiba Inu’s market cap has plummeted, pushing the token to 19th on the top crypto list. From CoinMarketCapSHIB’s price was down 3% in the last 24 hours.
At the time of writing, it was trading at $0.00000721 with a market cap of over $4.2 billion.
Negative sentiment around the memecoin was also dominant, as evidenced by the weighted sentiment. However, social volume remained high, suggesting it remained a topic of debate.
Source: Sentiment
Realistic or not, here it is SHIB’s market cap in terms of BTC
Will Shiba Inu recover quickly?
SHIB’s supply on exchanges decreased slightly, while off-exchange supply increased due to demand. The memecoin’s MVRV ratio showed signs of recovery after a sharp drop, which was optimistic.
Nevertheless, according to CryptoQuant’s facts, net deposits to exchanges were high compared to the past seven days. This could cause problems as it meant Shiba Inu were under selling pressure at the time of writing.
Source: Sentiment
