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As reported by Santiment, a leading blockchain analytics platform, meme token-based cryptocurrency Shiba Inu (SHIB) has shown signs of revival and regained activity. Particularly, SHIB experienced a moderate price increase of 8% over the weekend, reigniting interest among investors.
Investor Interest in SHIB!
In October 2021, Shiba Inu reached its all-time high, gaining incredible popularity and investor interest. However, following its peak, the meme coin experienced a significant drop of around 90% in market value, causing many investors to lose interest.
The introduction of new meme tokens in May contributed to this decline by adding volatility to the cryptocurrency market. These tokens attracted analysts and investors seeking greater short-term gains through higher volatility. As a result, Shiba Inu lost its shine with relatively lower volatility but similar risk levels, fading into the background.
Santiment Reports!
However, the latest Santiment report may present a positive narrative for SHIB. By highlighting encouraging signs in whale transactions and circulation, it suggests that the meme token may be on the verge of a comeback. It appears that Shiba Inu is slowly regaining the attention of investors, possibly preparing the ground for a new bull run.
Nevertheless, while these on-chain metrics are promising, it is important to remember that the cryptocurrency market, as everyone knows, is unpredictable. In particular, the meme token sector is characterized by dramatic price volatility. Both are heavily influenced by rapidly changing social media sentiment and interest. Although Shiba Inu seems to be on the path to revival, reclaiming its former glory may prove to be challenging. Investors and analysts are advised to exercise caution and conduct a comprehensive assessment before making any trading decisions.
