Metric loss

Shiba Inu investors can consider this metric before exiting their position

Shiba Inu Meme Token [SHIB] ticked high network activity recently. This comes at a time when the whole market is bleeding. Therefore, investors want to understand if this move is just a temporary setup or indicates a bullish push for SHIB in the coming days.

Shiba Inu has struggled with consistency recently. But this can be dropped given the hyper volatility in the crypto markets, especially given the crashes of Terra and 3AC. At the height of the crisis, SHIB fell to $0.0000072 but gradually recovered as the market recovered.

Currently trading at $0.0000098, SHIB is still bullish from its June 29 price. It’s a rare sight in the crypto market, especially after Bitcoin [BTC] fell back below $20,000 and news of 3AC’s insolvency took over. So what does all of this mean for SHIB- Can we expect a bull run now?

SHIB is all we have for now

According to a recent tweet from Santiment, network activity on the Shiba Inu network has increased. Additionally, the latest data suggests that there has been a 35% increase in active addresses in the last 10 days alone. This is a big step forward for the even struggling token.

Additionally, according to an update from Shibburn, 23.4 million SHIB tokens were burned in three transactions. However, there was no significant impact from the fire on the SHIB price which continues to be undervalued.

Interestingly, there is now heightened hope for a bull run for SHIB. Investors are hoping that after they finish burning 400 trillion tokens, Shiba can grab it from here. However, a quick look at the metrics can be important to get a better idea of ​​investor sentiment.

A market capitalization reading shows a recent surge after a tremendous recovery from the early June crash. Currently standing at $5.42 billion, SHIB’s market capitalization has fallen from $6.55 billion just over four days ago. This represents a large part that is now lost from the Shiba Inu network.

Source: coin market cap

The social dominance metric represented remarkable data. At press time, it was at a monthly high, showing heightened investor interest in SHIB. This constant engagement about Shiba Inu on social media should additionally be a crucial element in starting any bull run attempt.

Source: Santiment