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Here's Why Shiba Inu (SHIB) Has Hope, Despite Suppressed Price

Thu, 07/06/2023 - 07:48
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Gamza Khanzadaev
Shiba Inu has promise, despite SHIB price suppression, Santiment says
Here's Why Shiba Inu (SHIB) Has Hope, Despite Suppressed Price
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The crypto market has been buzzing with activity lately, and one token that has captured the attention of investors is Shiba Inu (SHIB). Despite its underwhelming price performance, there are promising signs for this "no longer a meme" coin, according to recent insights shared by crypto intelligence portal Santiment.

Shiba Inu's 800 Billion SHIB Dump Creates Epic Red Candle Chaos

One notable trend that indicates potential growth for Shiba Inu is the significant increase in new daily addresses created. Over the past couple of weeks, there has been a consistent rise of over 2,500 addresses per day. This suggests a growing interest in the token, even though its price may not reflect this enthusiasm.

Source: Santiment

Digging deeper into the underlying trends, several factors contribute to the encouraging outlook for Shiba Inu. The first is the expansion of its network, which indicates a growing user base. Additionally, the network realized profit loss for SHIB is currently in the red, implying that many investors are still holding onto their tokens despite the price suppression.

Furthermore, as the supply of the Shiba Inu token on exchanges dwindles, it could generate a perception of limited availability and contribute to an increase in the token's value.

Shiba Inu (SHIB) Gains 84% in Short-Term Traders as Price Shift Nears

However, it is important to approach this situation from two distinct perspectives. On the one hand, the sudden attention on coins like SHIB could be seen as a "toppish" indicator, signaling a market top or potential decline. On the other hand, the recent surge in interest could breathe new life into Shiba Inu, as it indicates a newfound demand for the token, reports Santiment.

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About the author

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.