Shiba Inu (SHIB), a meme-based cryptocurrency, has resumed operations and is exhibiting signs of life, according to the top blockchain analytics platform Santiment. Notably, during the weekend, SHIB saw a modest 8% price gain, reviving interest among traders.
Shiba Inu achieved its all-time high in October 2021, garnering enormous popularity and investor interest. However, after reaching its peak, the meme coin’s market valuation quickly declined by 90%, knocking SHIB off the radars of many speculators.
This fall has been influenced by the recent surge of meme tokens that began to inundate the cryptocurrency market in May. These coins have increased volatility, which attracted investors and traders looking for greater short-term returns. As a result, Shiba Inu lost its lustre and fell out of favour while having a comparable lower volatility but equal risk levels.
The most current Santiment report, however, paints a picture of SHIB that is favourable. It draws attention to the fact that circulation and whale transactions are showing optimistic trends, which raises the possibility that the meme token is about to make a comeback. Shiba Inu looks to be gradually regaining traders’ attention, maybe paving the path for another bull run.
But even though these on-chain measures are positive, it is important to remember that the cryptocurrency sector is notoriously volatile. The meme token market, in particular, is known for its jarring price fluctuations and is greatly impacted by social media excitement and emotion, both of which may change very quickly.
Even though Shiba Inu appears to be on the road to recovery, the road to reclaiming its previous glory may not be easy. Before making any trading choices, investors and traders are urged to take prudence and perform exhaustive due research.
