Shiba inu

Shiba Inu Shows Great Potential When SHIB Whales Suddenly Come To Life: Analytics Firm Santiment

Dogecoin’s (DOGE) rival Shiba Inu (SHIB) is showing signs of a potential breakout, according to cryptanalysis firm Santiment.

holyday says that the levels of whale transactions and circulation of memecoin tokens are on the rise.

According to the analytics firm, increased network activity bodes well for Shiba Inu.

“Shiba Inu is beginning to return to the radar of some traders, after a slight price increase of +8% this weekend. Since its all-time high in October 2021, the memecoin’s market capitalization has fallen by 90%. But the transactions and the circulation of whales show good signs”.

Source: Sentiment/Twitter

SHIB is trading at $0.00000756 at the time of writing.

Shiba Inu also finished the second quarter of 2023 on a strong note in terms of daily new addresses, according to the cryptanalysis firm. in the block.

“SHIB had a strong finish to the second quarter, with new addresses showing positive signs of growth. New daily addresses reached over 4,000 on June 27, up 357% from its quarterly low of 877 on May 21.”

IntoTheBlock too finds that only 11% of Shiba Inu holders are making money at the current memecoin price, while 85% are making losses and 4% are barely breaking even.

Santiment also noted last week that Shiba Inu were seeing network growth and SHIB supply decline on exchanges, which the analytics firm interpreted as positive signs.

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