As the crypto community raged about the second coming of Dogecoin in the guise of Shiba Inu tokens, the coins lost the lion's share of their value, peaking in mid-May and plummeting to today's $0.00000709 on Binance.
According to analysts at Santiment, the biggest spike in activity came after Elon Musk announced in early May that he was looking for a Shiba Inu puppy on his Twitter account. And even though only a month has passed since that moment, this did not prevent the token from falling in price by almost 82%. In March of this year, Musk already wrote about Shiba Inu, but then the growth of SHIB was less rapid.
In mid-May, SHIB was among the top 3 most popular coins in the community. This, according to analysts, clearly indicated the achievement of a “local top”. When a coin appears in the top three on the “new trend” indicators, it is always followed by social excitement. Only now, when these “cries” have died down, keeping prices at the same level will become an almost impossible task for SHIB without a significant increase in social activity around the token.
Today, from a “super-advertised” cryptocurrency, SHIB has turned into a “super-bearish” coin, against which the wallets of its investors have noticeably “thinned”. However, despite the negative background, the number of active SHIB addresses remains very high, entering the top ten popular cryptocurrencies on the Ethereum blockchain. In addition, the coin has become the second most popular asset for price predictions on CoinMarketCap, which speaks of a lot of interest from people.
If the bears loosen their grip and the altcoins start moving, the SHIB will come to life with them. But unlike other coins, it is extremely dependent on its community. Therefore, only in the case of an active buying market, the value of the token on Binance will be able to "jump" the bar of $0.00001000 again.
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