The canine-themed coin Shiba Inu has seen network activity uptick recently. That comes when the overall market endures a bloodbath. Thus, investors remain alert to understand if the narrative was a temporary action or highlights a bullish upsurge for Shiba Inu in the up-and-coming days.
SHIB has battled to ensure consistency recently. However, individuals can ignore that considering hyper volatility within the cryptocurrency world, especially with the 3AC and Terra crises. The disaster peak saw Shiba Inu plummeting towards the $00000072 before gradual revivals amidst the resurrecting market.
Currently changing hands at $0.0000098, Shiba Inu remains bullish compared to June 29 prices. That remains rare in the cryptocurrency space as BTC plunged beneath $20K again, following news about Three Arrows Capital’s bankruptcy. So, what next for the meme token? Should we expect bullish moves from SHIB?
SHIB Is the Only Thing We Have Now
The latest tweet by Santiment shows SHIB network activity resurged. Moreover, recent data indicate a 35% surge in active addresses within the last ten days. That meant a lucrative step for the stressed canine-themed coin.
Moreover, updates from Shibburn show the network burnt 23.4 million Shiba Inu tokens in three transactions. Nevertheless, the burning didn’t significantly affect SHIB prices as the altcoin remained undervalued.
Surprisingly, there’s surged hope for SHIB’s bullish run now. Market players expect the alternative token to pick up after completing the 400 trillion token burn. Nevertheless, a quick analysis of SHIB’s metrics remains crucial to evaluate investor sentiment.
Evaluating the market capitalization confirms the latest uptick following an impressive revival from the early June crash. The metric hovers around $5.42 billion at this publication, slumping from $6.55B within the past four days. That represents a massive chunk that quitted the SHIB network.
The social dominance index reflects attractive data. While publishing this content, it ranged at a monthly peak, indicating increased investor interest in Shiba Inu. This impressive social media engagement about Shiba Inu might be a critical element in catalyzing bull run attempts by the altcoin.
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