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Shiba Inu Shows Double-Digit Weekly Social Performance: LunarCrush

Thu, 06/09/2022 - 16:35
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Gamza Khanzadaev
Despite impressive social performance, SHIB's price cannot get out of sideways drift
Shiba Inu Shows Double-Digit Weekly Social Performance: LunarCrush
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Shiba Inu remains a highly popular project for at least the last week, as demonstrated by social performance metrics, provided by the analytics agency LunarCrush. Digging deeper into Shiba Inu's stats, the eye immediately notices double-digit figures in the growth of such social metrics as mentions (+45.1%) and dominance (+35%).

Source: LunarCrush

Despite excellent values of the aforementioned indicators, a closer look reveals 63.6% growth in the amount of spam concerning SHIB. And that perfectly describes Shiba Inu and its hyperactive community, the Shib army. Pure chaos and contradictions have been accompanying the project from the start and could somehow be considered SHIB's formula.

This can also be seen in other LunarCrush metrics regarding Shiba Inu. For example, with almost equal values around the project, both bullish (+45.5%) and bearish (+53.4%) sentiments prevail, but bears still hold the lead.

Who is going to get SHIB out of sideways drift?

The bears versus bulls battle emerges not only on the subject of market sentiment, but also in regard to the question that has intrigued the ShibArmy and casual traders for almost a month: who, or maybe what, is going to get SHIB out of the sideways drift?

Source: TradingView

For almost a month, since May 11, SHIB's price has not been able to leave the 0.00001-0.000013 corridor, and it is exhausting. Neither announcement about SHIB being adopted as a payment method nor burning records helped Shiba Inu's quotes to break away from this disgusting trend. The current situation leaves the door for speculation open, and it seems bears are more in control of it.

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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.