Meme token Shiba Inu [SHIB] has ticked a high network activity recently. This comes at a time when the entire market is bleeding. Hence, investors are keen on understanding if this movement is just a temporary setup or points towards a bullish surge for SHIB in the coming days.
Shiba Inu has struggled for consistency recently. But one can let go of this considering the hyper volatility in crypto markets especially given the Terra and 3AC crashes. At the height of the crisis, SHIB dropped to as low as $0.0000072 but gradually recovered with the recovering market.
Currently trading at $0.0000098, SHIB is still bullish as compared to its price of 29 June. This is a rare sight in the crypto market, especially after Bitcoin [BTC] fell below $20k again and news of 3AC’s insolvency took charge. So what does it all mean for SHIB- Can we expect a bullish run now?
SHIB is all we have for now
As per a recent Santiment tweet, network activity on the Shiba Inu network has been on a rise. Furthermore, latest data suggests there is a 35% increase in active addresses in the past 10 days alone. This is a big step forth for the struggling meme token.
🐶😺 Whatever your opinion may be on #Dogecoin and #ShibaInu, it appears as though they are each showing notable increases in network activity. Over the past 10 days especially, $DOGE (+32%) and $SHIB (+35%) have seen many returning network interactions. https://t.co/LDiWKEJIMg pic.twitter.com/JMjWQDzmtB
— Santiment (@santimentfeed) June 29, 2022
Additionally, as per a Shibburn update, 23.4 million SHIB tokens have been burned in three transactions. However, there was no significant impact of the burning on the SHIB price which continues to be undervalued.
In the past hour, there have been a total of 23,401,879 $SHIB tokens burned and 3 transactions. #shibarmy
— Shibburn (@shibburn) June 30, 2022
Interestingly, there is increased hope for a bull run for SHIB now. Investors are hoping that after completing the burning of 400 trillion tokens, Shiba can pick it off from here. However, a quick look at the metrics can be important to get a better idea of investors’ sentiment.
A reading of the market cap shows a recent surge after a tremendous recovery from the crash earlier in June. Currently standing at $5.42 billion, SHIB’s market cap fell from $6.55 billion just over four days ago. This represents a big chunk that is now lost from the Shiba Inu network.
Source: Coin Market Cap
The social dominance metric depicted remarkable data. At press time, It was ranging at a monthly high which shows investors’ increased interest in SHIB. This constant engagement about Shiba Inu on social media is further expected to be a crucial component in kick starting any attempts of a bull run.
Kanav is a journalist at AMBCrypto. He has a Masters in Media and International Conflict and is interested in areas of digital society, crypto developments in the political sphere and the socio-cultural impact of a crypto-society.