Shiba Inu (SHIB) is one cryptocurrency that has investors’ interest amid the recent flurry of activity on the crypto market. According to fresh insights offered by crypto intelligence portal Santiment, there are encouraging signals for this “no longer a meme” currency despite its lacklustre price performance.
A noteworthy pattern that points to future expansion for Shiba Inus is the sharp rise in the number of new daily addresses that are being generated. Over 2,500 addresses have consistently increased daily over the last few weeks. In spite of the fact that the token’s price might not reflect this excitement, this implies a rising interest in it.
When we examine more closely at the underlying patterns, we find that a number of reasons support the positive forecast for Shiba Inus. The first is the network’s growth, which shows that its user base is expanding. Furthermore, SHIB’s network realised profit loss is now negative, suggesting that many investors are continuing to hold onto their tokens despite the price suppression.
Additionally, when the number of Shiba Inu tokens available on exchanges decreases, it may give the impression that there are less of them available, which would raise the token’s perceived worth.
But it’s crucial to address this scenario from two different angles. One may argue that the sudden interest in currencies like SHIB is a “toppish” indication, indicating a market peak or impending downturn. On the other side, the current increase in interest may give Shiba Inu fresh life because it shows a renewed interest in the token, according to Santiment.
