Dogecoin (DOGE) rival Shiba Inu (SHIB) is flashing signs of a potential breakout, according to the crypto analytics firm Santiment.
Santiment says that the memecoin’s levels of whale transactions and token circulation are on the up and up.
[adinserter block="1"]According to the analytics firm, the rise in network activity bodes well for Shiba Inu.
“Shiba Inu is beginning to get back on some traders’ radars, following a mild +8% price jump this weekend. Since its all-time high in October 2021, the memecoin’s market cap has dropped 90%. But whale transactions and circulation are showing good signs.”
SHIB is trading at $0.00000756 at time of writing.
Shiba Inu also ended the second quarter of 2023 on a strong note in terms of daily new addresses, according to the crypto analytics firm IntoTheBlock.
“SHIB had a strong ending to Q2, with new addresses showing positive signs of growth. Daily new addresses reached over 4,000 on June 27th, up 357% from its 877 quarterly low on May 21st.”
IntoTheBlock also finds that only 11% of Shiba Inu holders are making money at the memecoin’s current price while 85% are nursing losses with 4% just breaking even.
Santiment also noted last week that Shiba Inu was witnessing network growth and a decreasing supply of SHIB on exchanges, which the analytics firm interpreted as positive signs.
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