According to Messari’s recent update, Shiba Inu ranked second among ‘up only since cycle low.’ Thus, surpassing many of its competitors in this category. Some analysts are of the opinion that the meme coin would face high volatility in the near future. But its demand won’t slow down.
According to Messari’s asset screener, 120 assets have been ‘up only’ since their cycle lows.
Security and sentiment
To put things into perspective, Shiba Inu has been 78.13% up from its cycle low on 19 June 2022. However, it is 85.30% down from its all-time high in October 2021.
Well, Shiba Inu not only had to weather the bear market, but the meme coin was also a victim of a security vulnerability that was exposed recently. Shiba Inu’s AWS credentials were left in a public code repository. This resulted in the company being exposed to a lot of security threats.
Despite this recent news, the meme coin has been performing well in the social media landscape. In the past three months, its social mentions have been up by 5.87%. And, social engagement has been up by 9.7%.
Shiba Inu has been doing pretty well in terms of marketcap dominance as well. And, its dominance has grown by 15.23% in the last 30 days.
However, its volume has been quite volatile and it has depreciated by 23.32% in the last 30 days. This could be seen as a cause of concern for long-term investors.
There are factors that are both in favor and against the meme coin. But the Shiba Inu community has paid no heed to the volatility. It has instead focused on making improvements.
One of their recent improvements has been adding Brandie Konopasek to their metaverse team. Brandie has 15 years of work experience. He has worked with Disney, Netflix, and Marvel in the past. He can, thus, add great value to Shiba’s metaverse team.
These updates, however, haven’t had much of an impact on Shiba’s price. Although with the RSI at 57 (on 12 September), there is an implication that the momentum is on the buyer’s side. But a sustained growth in price can’t be expected from SHIB at this point in time.
With so many factors aiding Shiba Inu, there has been speculation whether SHIB could dethrone DOGE as the superior meme coin.
Well, as meme coins have a tendency to be extremely volatile, traders are, hence, advised to do their research before getting into any trade.