Shiba inu

Crypto Analytics Firm Santiment Bullish on Shiba Inu (SHIB)

  • Shiba Inu may have its weaknesses, but analysts remain bullish on its long-term growth potential.
  • Consistent embrace and the emergence of Shibarium can be positive triggers.

As the frenzy around memecoins begins to drop, Dogecoin (DOGE) rival Shiba Inu (SHIB) has started paring off its price gains, however, crypto analytics firm Santiment claims that the token still has a bullish future. The blockchain analytics firm tied its stance to the recent increase in activity on the SHIB network.

According to a Twitter post by Santiment, Shiba Inu has seen a big rise in new daily addresses created. In the last couple of weeks, over 2,500 addresses were consistently created per day. Santiment said in its shared insights on SHIB.

Despite the underwhelming price performance, our latest insight covers why there’s promise behind one of 2021’s favorite.

As of Wednesday, Shiba Inu was allegedly one of the tokens stealing the limelight with high transaction fees indicating an explosion in activity. The network growth, positive realized profit loss, and decreasing supply of SHIB on cryptocurrency exchanges are some other promising indicators that are helping to showcase the possibilities the memecoin may chart a positive future.

When the supply of a token on crypto exchanges declines, it could mean that the selling pressure of that token is also plummeting. Santiment charts show that the supply of Shiba Inu on crypto exchanges is now around 8.6% as against the previous value of 9.1% in June. This reduced selling pressure is a bullish case for price recovery.

Also, a look at Network Profit/Loss (NPL) has Santiment believing that its bullish stance on SHIB is only some months away. In the meantime, the NPL has “only loss visible yet,” on display and this could mean that a trend reversal is underway.

New Demand For Shiba Inu Likely to Influence Price

There is a new demand for SHIB and the analytics platform sees the possibility of this driving a price rally for the memecoin. Per a Santiment statement, the recent attention could breathe new life into a previously under-the-radar token.

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As suggested by our proprietary metrics, daily active addresses for SHIB were lackluster before this surge in interest, indicating a newfound demand for the token.

In addition, Santiment added a subtle warning that the growing demand may also “be interpreted as a sign of market saturation or possible future decline.”

Many other key crypto players are enthusiastic about a bull run for Shiba Inu. Some have predicted a remarkable decrease in the coin’s decimal places by 2025. At the time of this writing, the memecoin was trading at $0.00000721, down by 5.59% in the past 24 hours.

By its current price outlook, these analysts’ projections may materialize when the second largest memecoin print up to a 550% surge in the spot market value in the near future.

The Shibarium protocol is also a major factor that can drive the growth of SHIB. The latest update with respect to this layer 2 protocol was recorded when the lead developer for the Shiba Inu ecosystem Shytoshi Kusama announced the official launch date of Shibarium. According to Kusama, the Ethereum (ETH) Layer-2 protocol is scheduled to launch during the Blockchain Futurist Conference in August this year.

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