While social volume and overall sentiment toward celebrated meme token Shiba Inu remains extremely high and positive, the asset's financial data suggests that the fuel tank for another big move might be drained, according to on-chain data from Santiment.
With social metrics reaching new highs, Shib's market data does not show any signs of continuous growth. The token's trading volume on Binance today has reached 11 trillion tokens, while staying close to 200 trillion for the previous week when the token's price reached the local high.
On the other hand, positive social volume signals that traders and investors are still interested in the token's future and potential but are not yet ready to support it with their wallets. In terms of popularity on social media, Shib previously garnered more mentions on Twitter than Bitcoin, Ethereum or Dogecoin.
Previously, U.today reported that whales are buying into the meme-based token and betting on its growth. The massive buying power most likely led to the price increase we witnessed on Oct. 11.
At press time, the token is trading with a 19% discount from the local top of $0.00003563. Open interest on SHIB futures has also plunged significantly after showing the extremely high value that signaled an overleveraged market. Though most traders moved their funds away from derivatives based on the memetoken, its price remained relatively stable and did not experience any correction.
Alex Dovbnya
Denys Serhiichuk