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.
🐕 There were high hopes for $SHIB to become the next $DOGE last month. #ElonMusk kicked off the mania after mentioning that he’s looking for a new #Shiba. However, address activity and social sentiment has declined rapidly since. Read our full analysis. https://t.co/YKjGdIcQ69 pic.twitter.com/rEMpEbOWRW
— Santiment (@santimentfeed) June 11, 2021
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.
Mentioning to Social Sentiment, we’ve gone from super excitement to bearish.
However, at the very least even though its active addresses have declined heavily, they remain quite high:
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?
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