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.
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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