Santiment: SHIB Whales Awaken as Shiba Inu Exhibits Breakout Potential
According to crypto analytics firm Santiment, there are signs of a potential breakout for the meme cryptocurrency Shiba Inu (SHIB). Santiment points to the increase in whale transactions and token circulation as positive indications for the coin. Despite a 90% drop in market cap since its all-time high in October 2021, Shiba Inu is catching the attention of traders once again with an 8% price jump over the weekend.
IntoTheBlock, another crypto analytics firm, also reports positive growth for Shiba Inu in terms of daily new addresses. The coin saw over 4,000 new addresses on June 27th, a 357% increase from its quarterly low on May 21st.
However, not all Shiba Inu holders are seeing gains. IntoTheBlock reveals that only 11% of holders are making money at the current price, while 85% are experiencing losses and 4% are breaking even.
In addition to the recent rise in network activity, Santiment had previously noted a growth in the Shiba Inu network and a decrease in the supply of SHIB on exchanges. These observations were seen as positive signs for the coin’s future.
At the time of writing, Shiba Inu (SHIB) is trading at $0.00000756.
It’s important to note that the opinions expressed in this article are not investment advice. Investors are advised to conduct their own research and due diligence before making any high-risk investments in cryptocurrencies or digital assets. The Daily Hodl, where this article was published, is not an investment advisor and does not recommend buying or selling any cryptocurrencies or digital assets.