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Increased social engagement for Shiba Inu, positive sentiment, and growing active addresses signal potential gains.
Shiba Inu (SHIB) has shown signs of resurgence in the past 24 hours, recording a 6% increase on the weekly chart. As SHIB continues to display upward movement, analysts note that recent data indicates potential for further gains.
Key metrics from the social intelligence platform LunarCrush reveal increased social engagement, trading volume, and positive sentiment, suggesting SHIB might be on the verge of a significant breakout.
Rising Engagement and Sentiment
Recent data from LunarCrush emphasizes a sharp rise in social interactions surrounding SHIB. Social engagement has surged to 2.43 million, the highest level since August 15.
Is $SHIB signaling a breakout?
Social engagement is at the highest level since Aug 15 as trading volume and positive sentiment also push higher. pic.twitter.com/jvA4NgYggA
— LunarCrush Social Intelligence (@LunarCrush) September 19, 2024
The highest engagement during this period peaked at 4.11 million on July 10, while the lowest engagement was observed on September 17 at 1.34 million.
Additionally, mentions of SHIB have risen by 24.2%, while the number of creators discussing SHIB has grown by 43.2%. Sentiment towards SHIB remains slightly positive, with a 1.2% increase, pointing to a stable outlook among the community.
These metrics suggest growing optimism among investors as SHIB garners increased attention.
Bulls Outnumber Bears
Alongside rising social engagement, on-chain data from IntoTheBlock highlights a positive trend in SHIB’s market behavior.
Over the past seven days, the number of bulls stands at 149, marginally outnumbering the 143 addresses identified as bears. This consistent pattern of bulls slightly outnumbering bears indicates a persistent level of optimism among SHIB holders.
While the number of bulls suggests that some investors show optimism in Shiba Inu’s potential, the near-equal distribution of bears reflects ongoing caution in the market.
Growing User Interaction
Further supporting the bullish narrative, network activity data reveals a rise in active addresses engaging with SHIB.
According to IntoTheBlock, active addresses have increased by 6.95% in the last seven days, mirroring SHIB’s price movements and indicating growing user interaction with the meme coin.