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Shiba Inu [SHIB] talks and these stats might hit differently

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The meme coin Shiba Inu has seen a sudden spike in its prices. Well, with the announcement of the new metaverse update and an increased interest from whales, does the future look bright for Shiba Inu?

Over the past seven days, Shiba Inu’s token has seen a 7% spike in its prices. Despite the bear market, the mem ecoin seems to be doing well.

One of the few reasons for this could be Shiba Inu’s involvement in the metaverse with the launch of their first concept art.

Moreover, in a recent tweet, whalestats, announced that SHIB ranked number one in terms of tokens held by the top 500 ETH whales.

Getting traction

These updates may have lent themselves to increasing the hype around the meme token. According to LunarCrush, Shiba Inu has seen an 8.03% rise in its social mentions. And, a 10.37% hike in its social engagements.

The majority of the social media interaction and sentiment has been somewhat positive.

As seen from the chart below, there has been volatility in social dominance with the press time figure at 1.43%. 

Source: Santiment

That being said, Shibburn, a website dedicated to monitoring Shiba Inu’s burnt tokens, on 5 September announced that a total of 51 million SHIB tokens have been burned.

With the ever-increasing amount of SHIB tokens being burnt, there is a possibility that the meme coin’s value could increase in the long term. 

The burning tokens’ stats and the social media hype, however, have not affected Shiba Inu’s volume. For the past two weeks, SHIB’s volume has been relatively stable with a spike seen around 4 September.

The circulating market cap hinted at a bearish future for the token, as it went down by 18.50% in the last two weeks.

Source: Messari

Despite the numerous optimistic elements that favor Shiba Inu, traders should proceed with caution and do their research before getting into a trade.

Meme coins can be susceptible to extreme volatility and investors’ portfolios can massively suffer if they aren’t vigilant with their investments.

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Saman Waris works as a News Editor at AMBCrypto. She has always been fascinated by how the tides of finance and technology shape communities across demographics. Cryptocurrencies are of particular interest to Saman, with much of her writing centered around understanding how ideas like Momentum and Greater Fool theories apply to altcoins, specifically, memecoins. A graduate in history, Saman worked the sports beat before diving into crypto. Prior to joining AMBCrypto 2 years ago, Saman was a News Editor at Sportskeeda. This was preceded by her stint as Editor-in-Chief at EssentiallySports.
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