Altcoin
Examining whether Shiba Inu’s social hype can help it reach new heights
Shiba Inu has become a hot topic in crypto, ranking in the top 10 for social engagement.
- Shiba Inu ranked the sixth-highest platform with the most social engagement.
- SHIB has been on a nine-day consecutive uptrend.
According to the latest information provided by Lunar Crush, the Shiba Inu [SHIB] cryptocurrency has become a hot topic among crypto enthusiasts. Along with its growing popularity, another noteworthy trend was on the horizon.
How much are 1,10,100 SHIBs worth today
Could the prolonged anticipation for the Shibarium beta release play a role in this, and what was the present status of the testnet?
Shiba Inu’s social engagement ranks in the top 10
Lunar Crush recently highlighted Shiba Inu as one of the top cryptocurrencies generating significant social media interactions. In a post by Lunar on 22 June, Shiba Inu secured the sixth position in terms of engagement, sharing the ranks with renowned projects such as Ethereum and Bitcoin.
However, Santiment’s social volume metric revealed a contrasting trend, indicating a decline in Shiba Inu’s social volume over the past few weeks. As of this writing, the social volume stood at 27, a considerable drop from the peak of 889 observed around 8 June.
Source: Santiment
Shiba Inu’s volume picks up with social volume
Shiba Inu’s upward trend wasn’t limited to its ranking in social engagements. Analyzing the volume of SHIB on Santiment revealed a notable surge in recent days. Before this period, SHIB typically experienced an average volume of around 100 million.
However, June witnessed a couple of spikes in trading activity. As of this writing, the volume metric indicated a significant increase, surpassing 250 million. This heightened SHIB volume indicated a growing interest in the token, resulting in increased transactions.
Source: Santiment
Speculations continue about Shibarium
Ever since the introduction of the Shibarium test net by Shiba Inu, the focal point of discussions has shifted to the eagerly anticipated launch of the mainnet. The level of anticipation surrounding the mainnet release is comparable to the excitement witnessed before the testnet’s launch.
Although an exact date has not been disclosed, a recent post by LucieSHIB indicated that Shibarium was still in progress. The anticipation surrounding Shibarium was likely one of the factors driving heightened engagement for Shiba Inu.
Furthermore, examining the Shibarium testnet using Puppyscan revealed ongoing activities on the platform. Notably, there was a significant increase in interaction throughout June, as reflected in the daily transaction volume.
Previously averaging around 12,000 transactions per day, the numbers surged to approximately 250,000 daily transactions. As of this writing, the daily transaction count exceeded 275,000.
Additionally, the testnet has garnered many wallets, surpassing 16 million, and the total transactions conducted exceeded 22 million.
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The SHIB uptrend continues
Analyzing Shiba Inu (SHIB) on a daily timeframe revealed a continuous uptrend over the past nine days. As of this writing, SHIB was trading with a slight increase in value, albeit less than 1%.
Also, the consecutive upward movements had propelled the Relative Strength Index (RSI) above the 50 mark. The position of the RSI line showed that SHIB was currently in a bull trend, indicating the influence of the price rise. However, it was yet to surpass its short Moving Average (yellow line), which served as its immediate price resistance level.
