A leading social analytics platform for digital currencies, LunarCrush, has announced the addition of Shiba Inu (SHIB) to its trading platform.
The announcement comes as Shiba Inu continues to gain significant attention from the crypto community and investors worldwide due to its recent performance. The growing demand and high social engagements surrounding SHIB may have informed LunarCrush to add it.
Shiba Inu Launched On LunarCrush
Introducing the SHIB coin on LunarCrush will enable users to transact the token with more than 1,400 digital assets on LunarCrush. At the time of writing, the token ranks #53 among 4,388 tokens on the trading platform.
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Shiba Inu has seen a surge in popularity on social media platforms, particularly Twitter, where the SHIB community actively engages in discussions, shares updates, and expresses their sentiments about the digital asset.
Notably, the token’s social activity over the last 24 hours records approximately 123.58 engagements and 33,800 mentions in the same period. These figures have brought the token to #7 among the platform’s top socially engaged and mentioned coins.
LunarCrush leverages advanced algorithms to analyze social media sentiment, market trends, and social engagements related to cryptocurrencies. It provides users with the necessary data to properly trade and invest in NFTs, crypto assets, and stocks.
In the past month, engagement with the token has risen to about 1.15 billion, with social mentions reaching up to 321,600 within the same time frame. These heights indicate the increasing interest of crypto users in the token.
So, integrating Shiba Inu into its platform will, in the same manner, provide its users with valuable insights and data-driven information on SHIB, empowering them to make more informed trading decisions.
SHIB Price Outlook Based On Technical Indicators
The SHIB token’s price holds at $0.00000886 at the time of writing, with a 24-hour decline of 0.36%. Its trading volume over the past day has surged by 39.33%, standing at over $155.1 million.
According to Coincodex, the current sentiment of SHIB price is bearish. Only 2 technical analysis indicators signal a bullish move. Whereas 27 of them currently display a sell signal for the token.
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Meanwhile, the price of SHIB fluctuates lower than the 200-day Simple Moving Average (SMA), signaling more sell pressure than buy.
Its price trades below the 50-day SMA, another indication of sell pressure. This indicator has been projecting a sell signal over the last 21 days.
From most indications, the price of SHIB may fall lower than its present price in the coming days. However, with future developments in the token’s ecosystem, the asset may see its price recover and surge in the coming months.
Featured image from Pixabay and chart from Tradingview.com