Shiba Inu [SHIB] Demand Rises – Will Price Follow Suit?

Summary:
• Shiba Inu’s network growth and active addresses have surged substantially over the last several weeks, but its price remains bearish.
• Santiment’s analysis pointed out that there is an increase in network activity despite the price drop.
• SHIB’s market capitalization has sunk severely, pushing it down to the 19th spot on the top cryptos list.

Shiba Inu Demand Rises

Shiba Inu’s [SHIB] network growth and active addresses have surged substantially over the last several weeks. Despite this, SHIB’s price action remained bearish with a 3% dip in the last 24 hours. Sentiment around SHIB was negative, while social volume was high.

Analysis by Santiment

Santiment’s latest analysis pointed out increased network activity despite the price drop. There were consistently over 2,500 new daily addresses created for SHIB in the past couple of weeks which could mean a newfound demand for the token and could lead to a possible uptick in its price in the coming days.

SHIB’s Market Capitalization

Shiba Inu’s market capitalization has sunk severely, pushing it down to 19th spot on top cryptos list according to CoinMarketCap. At the time of writing, it was trading at $0.00000721 with a market cap of over $4.2 billion.

Price Prediction 2023-24

As demand for Shiba Inu gains upward momentum, Santrends‘ analysis suggests that there is promise behind one of 2021’s favorite memecoin and we might witness a price uptick in future days if current trends continue.

Conclusion

Despite SHIB having had a tough time lately due to its plummeting prices, insights from Santiment suggest that there is an increasing demand for this memecoin which may result in positive price action going forward.