As the craze for DOGE replica Shiba Inu fades, crypto analytics firm Santiment is pondering on its survival.
Crypto investors built the hype around Shiba Inu and bet on it to be the next Dogecoin. But, since its peak last month the “to the moon” frenzy has dwindled down.
In the latest report, Santiment recalled the first spike for SHIB when Elon said that he’s looking for a Shiba pup. Elon mentioned the word Shiba in a tweet was the sole reason for the token to surge high.
Santiment further adds, In Mid May, SHIB was also among the top 3 trending currencies, indicating that the asset had reached a local top.
“A tool that allows spotting local tops fired an ‘alarm’ twice. When a coin appears in the emerging trends list, especially in the top 3, it’s often a sign of a price top. Because it indicates a sort of a peak social hype. Price can hardly sustain its rally without increasing hype (or social volume).”
Active Addresses are Still High!
Shiba in a span of a month has gone from being super hyped to super bearish. Even though all the indicators hint at a bearish moment right now Santiment holds up on one positive sign.
The report says, the number of active addresses for SHIB has remained quite high despite a huge drop. Shiba is still on the top 10 cryptos on the Etheruem blockchain.
It’s worth noting that, as of June 10, Shiba Inu is ranked second in the CoinMarketCap Top 10 Cryptoassets with the Most Price Estimates, trailing only Bitcoin. SHIB Price has 9,864 price predictions for June 30 with an average price of $0.00001143, according to the study.
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