Token meme Shiba Inu [SHIB] has recently experienced considerable network activity. Even though the market as a whole is bleeding, still, this increase in activity is observed. Investors are therefore interested in learning whether this movement is just a short-term setup or suggests that SHIB will have a bullish surge in the days ahead.
Shiba Inu has recently had trouble maintaining consistency. However, this is expected because of the extreme volatility of the cryptocurrency markets, particularly in light of the Terra and 3AC crashes. SHIB fell as low as $0.0000071 during the worst volatility recently but subsequently recovered to some extent along with the market.
SHIB remained upbeat in its current trading at $0.0000105 compared to its price on June 29. This is more than a 30% recovery from lows.
This is an interesting occurrence in the crypto market, particularly since Bitcoin again went below the $20k level when the insolvency of 3AC became public knowledge. What does this all signify for SHIB, and can we now anticipate a bullish run? To understand, let’s have a look at some of the statistics of SHIB.
Improving statistics of Shiba Inu
Network activity on the Shiba Inu network has increased, according to a recent tweet from Santiment. Furthermore, the most recent data shows that the number of active addresses increased by 35% in the last ten days. This is a significant development for the faltering meme token.
🐶😺 Whatever your opinion may be on #Dogecoin and #ShibaInu, it appears as though they are each showing notable increases in network activity. Over the past 10 days especially, $DOGE (+32%) and $SHIB (+35%) have seen many returning network interactions. https://t.co/LDiWKEJIMg pic.twitter.com/JMjWQDzmtB
— Santiment (@santimentfeed) June 29, 2022
Furthermore, the burning of SHIB tokens has intensified. 23.4 million SHIB tokens have been burned in three transactions, according to a Shibburn update.
In the past hour, there have been a total of 23,401,879 $SHIB tokens burned and 3 transactions. #shibarmy
— Shibburn (@shibburn) June 30, 2022
There is now more optimism for a bull run for SHIB. Investors believe Shiba can take over from here once the 400 trillion tokens have been burned. However, to better understand investors’ attitudes, it can be useful to take a short glance at some important parameters of Shiba.
The market capitalization indicates a recent rise following a remarkable rebound from the crash earlier in June. SHIB’s market cap is currently $5.55 billion, higher than $ 4 Billion in the mid-June crash.
The social dominance metric is also displaying astonishing statistics. It was trading at a monthly high at the time of publication, indicating investors’ growing interest in SHIB. Furthermore, it is anticipated that this ongoing discussion of Shiba Inus on social media will play a key role in igniting any efforts at a bull run.
