Shiba Inu Shows Breakout Potential, Santiment Analytics Firm Says

It has been just revealed the fact that Shiba Inu is showing a massive breakout potential, according to the latest reports coming from the analytics firm Santiment. Check out the latest reports about this below.

There are indications that Shiba Inu (SHIB), a cryptocurrency that is in competition with Dogecoin (DOGE), could potentially experience a breakout.

This insight comes from Santiment, a crypto analytics company. Santiment has observed an increase in whale transactions and token circulation for the memecoin, which is a positive sign.

The rise in network activity is seen as a good omen for Shiba Inu, according to the analytics firm.

“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.”

At the moment of writing, the trading price of SHIB is $0.00000756. Additionally, Shiba Inu has concluded Q2 of 2023 with impressive statistics in terms of daily new addresses, as reported by IntoTheBlock, a leading crypto analytics firm.

“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.”

It is also worth noting the fact that IntoTheBlock also finds that only 11% of Shiba Inu holders are making money at the meme coin’s current price while 85% are nursing losses, with 4% just breaking even.

Back in June, we were revealing the fact that the anonymous developer behind Shiba Inu (SHIB), a cryptocurrency similar to Dogecoin (DOGE), has shared the future plans for the meme-based asset.

The developer, who goes by the name Shytoshi Kusama, has also alerted investors to be wary of potential fraudsters. Stay tuned for more juicy news from the crypto space.