Why Shiba Inu, a Dogecoin Competitor, is Still Promising Despite Inconsistent Price Performance – Analytics Firm Santiment Explains
Crypto analytics firm Santiment suggests that despite its recent poor performance, Shiba Inu (SHIB) could have a positive future. Santiment notes a significant increase in daily new addresses created on the Shiba Inu network, which indicates a potential upward move. SHIB ranked among the top tokens on Wednesday in terms of transaction fees, indicating promising indicators for the memecoin. Santiment also points out that a closer look at the underlying trends shows promise for SHIB, including network growth, token holders largely underwater, and a decreasing supply on crypto exchanges. According to Santiment’s chart, the supply of SHIB on exchanges has declined from about 9.1% in June to 8.6% currently, suggesting a decrease in selling pressure for the token. Santiment believes that the recent attention could bring new life to SHIB as previously lackluster daily active addresses indicate newfound demand for the token. However, Santiment also mentions that the increase in interest could be seen as a sign of market saturation or a possible future decline. Despite the promising indicators, Shiba Inu is currently trading at $0.00000728, down 1.7% in the last 24 hours. Investors are advised to conduct their own due diligence before making any high-risk investments in cryptocurrencies. The Daily Hodl, where the content originated, does not offer investment advice or recommend buying or selling cryptocurrencies.