The Shiba Inu’s (SHIB), grew by 8.8% in the last week. Even though bearish markets prevail, Shiba Iu continues to perform at its peak.
- SHIB’s social metrics up by 1.43%
- Despite Shiba Inu’s social dominance, ROI is down
- SHIB whales in a frenzy of shopping
SHIB’s Shiba Inu (SHIB), which is a Shiba Inu breed, gets a boost from social media chatter. This has resulted in a spike in the prices. SHIB received an increase in whale interest, as well as metaverse updates.
Whalestats tweeted that SHIB has gained more attention due to the announcement by Whalestats. The tweet stated that SHIB outperformed all other meme coins, and that SHIB now ranks first or at least in the number of tokens owned by 500 ETH whales.
Social Media Metrics Pumping SHIB
Surprisingly, SHIB also saw a rise of 8% in social mentions and a surge of 10% in social engagements. SHIB’s social media sentiment has been generally positive.
The chart shows that there is a market volatility seen in terms of SHIB’s social dominance which is currently at 1.43%.
Chart Santiment
SHIB tokens also become more valuable. Stats from September 5, 2015 show that over 51,000,000 SHIB tokens have been burned. This is a good sign for the cryptocurrency. SHIB tokens are expected to increase in value in the long-term.
SHIB has an excess supply of 1 quadrillion, which explains also the rise in burn initiatives.
Shiba inu whales on Shopping Frenzy
The increase in burnt tokens plus the boost in social media attention have not affected the volume of SHIB tokens with the meme coin’s volume looking stable and with a surge seen in September 4. These September SHIB tokens burned around 300,000,000.
It took only 35 transactions to convert 102k tokens into cash in 24 hours. This translates into a 66% increase in the burn rate. Amazingly, 528 transactions were sufficient to burn approximately 3.7 billion SHIB tokens. This further increases its scarcity.
Amazingly, SHIB token-loving whales indulged in a shopping spree for SHIB tokens. One SHIB whale made a 2 trillion SHIB transfer, which could be equivalent to $22 million.
While the social media metrics of SHIB is in flying colors, the ROI aspect isn’t doing so well. Just 28% of Shiba Inu investor made profits while 66% had losses. 6% even managed to break-even. Shiba Inu’s ATH has fallen by over 85%.
Source: TradingView.com| Source: TradingView.com Featured image Fintechs.fi chart, TradingView.com