A comment came from Santiment analysts for the Shiba Inu (SHIB), which has risen by approximately 9% from the low it saw on Friday.
Having hit an all-time high in October 2021, the coin has since lost 90% of its market cap amid the bearish crypto market.
However, according to Santiment, a cryptocurrency analysis company, there are some positive indications for the future performance of the Shiba Inu. Santiment said in a statement that the Shiba Inu is “starting to return to some traders' radars” and that the coin's whale transactions and circulation are “showing good signs.”
Circulation refers to the amount of coins actively used or exchanged, which can show the demand and usage rate.
Launched in August 2020 as a joke and a rival to Dogecoin, another memecoin-based cryptocurrency, the Shiba Inu surprised many observers with its spectacular rise in 2021.
SHIB price is trading at $0.000007624 at the time of writing, and its market cap is at the level of $4.5 billion. However, the coin has gained approximately 4% in the last 24 hours.
*Not investment advice.