- Santiment’s latest analysis revealed interesting metrics showing higher network activity for SHIB despite the price decline.
- Shiba Inu has experienced a significant drop in market value, sliding to the 19th position on the list of largest cryptocurrencies by market capitalization.
- While the supply of SHIB on exchanges has seen a slight decrease, the supply off exchanges has increased, indicating demand.
The SHIB token price is under pressure and has lost 10% of its value in the past month. Despite this decline, there is an increasing demand for the SHIB token.
Increasing Demand for SHIB Token
Shiba Inu (SHIB) has gone through a challenging period with a continuous price decline in the past month. However, Santiment’s latest analysis revealed interesting metrics showing higher network activity despite the price decline. As the demand for the meme coin gains upward momentum, the possibility of a price increase in the coming days cannot be ignored.
Santiment has shown in a recent analysis that the demand for SHIB is increasing. This can be understood from the significant increase in the metric, as more new accounts were created and tokens were transferred within a specific period.
Furthermore, active addresses of the meme coin have followed a similar trend. This could mean that the market may be approaching a peak or it could indicate the opposite. As the demand for the token increases, there may be a price increase.
According to Santiment’s analysis:
“The recent interest could bring new life to a token that was previously off the radar. As suggested by our proprietary metrics, daily active addresses for SHIB had shown low performance before this surge of interest, indicating there is a newfound demand for the token.”
SHIB Investors Under Pressure
Shiba Inu has experienced a significant drop in market value, sliding to the 19th position on the list of largest cryptocurrencies by market capitalization. The price of SHIB decreased by 5% in the past 24 hours, trading at $0.000007205. At the time of writing, SHIB’s market value was over $4.2 billion.
Negative sentiments towards the meme coin also dominate the weighted sentiment, but social volume remains high, indicating that it is still a topic of discussion.
Will Shiba Inu Recover Soon?
While the supply of SHIB on exchanges has seen a slight decrease, the supply off exchanges has increased, indicating demand. The MVRV Ratio of the meme coin showed signs of recovery after a sharp decline, which was an optimistic sign.
However, according to CryptoQuant’s data, the net supply on exchanges is high compared to the past seven days. This could mean that Shiba Inu is under selling pressure.
