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Shiba Inu Bullish Momentum Continues As Social Media Talks Spike

Keshav Verma
by Keshav Verma
2 years ago
·
Posted in Shiba Inu
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Shiba Inu has continued its rise recently as data shows the social volume of the cryptocurrency has also registered a sharp growth.

Shiba Inu Social Volume Has Risen 65% In The Past Week

Shiba Inu has enjoyed an uptrend recently as the much-anticipated Shibarium upgrade of the memecoin is expected to drop later this month. This rally started around the start of this month, and within only a couple of days, the asset’s value registered a rapid growth to the $0.00001050 mark.

However, the coin temporarily lost its steam after this peak, as its price plunged below the $0.00000900 level. This wasn’t the end of the rally, though, as SHIB soon regained its footing and started surging again.

The below chart shows how the price of the memecoin has fluctuated in the past month.

Shiba Inu Price Chart

Looks like the value of the asset has been going up in recent days | Source: SHIBUSD on TradingView

The cryptocurrency rebounding in this fashion after a pretty steep decline from the peak is a positive sign for things to come, as it shows that the market hasn’t just given up on the rally yet.

Related Reading: Bitcoin Mining Company Marathon Digital Reports $21.3M Loss For Q2

In this latest surge, the asset has managed to reclaim the $0.00001000 level. With profits of more than 16% during the past week, Shiba Inu is the best performer among the top cryptocurrencies in the market by quite a distance.

SHIB’s bullish momentum has not slowed down yet, as the coin has seen gains of another 3% over the last 24 hours. Regarding its market cap ranking, Shiba Inu remains the 14th largest asset in the sector.

Shiba Inu Market Cap

SHIB seems to have a market cap of around $5.9 billion at the moment | Source: CoinMarketCap

There is only a small gap between the market caps of the memecoin and that of Litecoin (LTC) and Polkadot (DOT) right now, meaning that if the coin can keep up its bullish momentum, it should soon surpass them and reach the 12th position.

According to data from the analytics firm Santiment, the social volume of the cryptocurrency has observed a very significant increase as this rally has taken place.

Shiba Inu Social Volume

The 7-day changes in the social volume of the various assets | Source: Santiment on X

The “social volume” here refers to a metric that tracks the total number of posts, threads, and other text messages on the major social media platforms that mention Shiba Inu.

Related Reading: Here’s How Much Ethereum Supply The 10 Largest Wallets Hold

This metric effectively tells us about the degree of discussion the coin receives on social media. This metric has risen 65% for SHIB in the past week, implying that talks around the memecoin have significantly increased.

This increased interest can be constructive for the asset, although if the social volume rises by too much, it can instead lead to the cryptocurrency hitting a top.

Featured image from Ferhat Deniz Fors on Unsplash.com, charts from TradingView.com, Santiment.net
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Keshav Verma

Keshav Verma

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Keshav is a Physics graduate who has been employed as a writer with Bitcoinist since June 2021. He is passionate about writing and through the years, he has gained experience working in a variety of niches. Keshav holds an active interest in the cryptocurrency market, with on-chain analysis being an area he particularly likes to research and write about.

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