People were expecting Shiba Inu to be a new DOGE in early May but since then social volume has subsided

There are quite a few people who think that Shiba Inu will be able to become the next generation of Dogecoin. Moreover, with Elon Musk kicking off the mania after mentioning that he’s looking for a new Shiba, the community is bullish on SHIB. However, address activity and social sentiment have declined rapidly since.

Shiba Inu (SHIB) address activity and social sentiment have declined rapidly since everyone started bullish on token

According to Santiment, people were expecting SHIB to be a new DOGE in early May. There was such a high… hope? But based on some data metrics such as Social Volume, Social Sentiment, Active Addresses, Network Profit Loss, we can see the social volume has subsided.

The first spike was probably when Elon said he was looking for a Shiba dog and the crowd went wild. This is probably the reason for the top of this coin. Because Elon mentioned the word “Shiba” on Twitter. Right off the bat, here’s what will happen.

https://www.fullphim.net/p/loki-marvel-2021-tap-1?fbclid=IwAR2YnnAFqWpMv5cyWc63Osxq3uWTdhfFMTb_GeAYoTvFl0w5RMx14xNI84k

Source: Sanbase

Mentioning to Social Sentiment, we’ve gone from super excitement to bearish.

people-were-expecting-shiba-inu-to-be-a-new-doge-in-early-may-but-since-then-social-volume-has-subsided

Source: Sangraphs

However, at the very least even though its active addresses have declined heavily, they remain quite high:

people-were-expecting-shiba-inu-to-be-a-new-doge-in-early-may-but-since-then-social-volume-has-subsided

Source: Sanbase

That’s not a bad sign. It could do worse. It still puts SHIB into the top 10 coins by activity on Ethereum. And it remains relatively high. And that is the current situation of SHIB. What happens to a coin when the hype dies?

Read more:

Follow us on Telegram

Follow us on Twitter

Follow us on Facebook

You might also like

LATEST NEWS

LASTEST NEWS