The meme token rush that flared up with Dogecoin (DOGE), a favorite of Tesla CEO Elon Musk, continues with many meme tokens such as Shiba Inu.
At this point, SHIB draws attention as the most popular meme token after DOGE.
Evaluating the performance of SHIB, popular cryptocurrency platform Santiment said that there has been a large increase in Shiba Inu addresses in recent weeks.
Stating that there has been a huge increase in over 2,500 new daily addresses continuously in recent weeks, Santiment said that this shows that there is still hope for Shiba Inu.
“There is a huge increase in Shiba Inu new daily addresses.
Despite SHIB's overwhelming price performance, there still seems to be hope for one of 2021's favorite meme tokens, SHIB.
At this point, it is necessary to evaluate SHIB from two different perspectives.
1) A Toppish Indicator: Interestingly, the sudden interest in memecoins can sometimes signal a price peak. In this context, the status of SHIB can be interpreted as a sign of possible future decline.
2) Awakened Interest: The recent interest awakened around SHIB could breathe new life into the previously disgraced altcoin. As our proprietary metrics show, increasing daily active addresses for SHIB indicate new demand for SHIB. “
😺 #ShibaInu has seen a big rise in new daily addresses created, consistently over 2,500 per day in the past couple weeks. Despite the underwhelming price performance, our latest insight covers why there's promise behind one of 2021's favorite #memecoins. https://t.co/Lzrpd3o06v pic.twitter.com/8jOt0weIyE
— Santiment (@santimentfeed) July 6, 2023
SHIB, which is listed on Binance, continues to trade at $0.00000751 at the time of writing.
*Not investment advice.
