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Leading social intelligence platform LunarCrush highlights four factors indicating that Shiba Inu (SHIB) is signaling bullish trends.
LunarCrush shared these positive indicators in a post yesterday, suggesting that SHIB could witness a potential uptrend.
🐂 $SHIB is signaling bullish…
✅ Increasing social activity
✅ Rising price action
✅ Accelerating market volume
✅ A very strong LunarCrush AltRank™ of 2View the data at https://t.co/3NbRjXLeTb @Shibtoken pic.twitter.com/Ems1p6LHwg
— LunarCrush (@LunarCrush) April 4, 2024
According to LunarCrush, the indicators include a surging social activity, an uptick in SHIB’s price action, growing market volume, and an outstanding LunarCrush AltRank™ of 2.
Data from LunarCrush shows that Shiba Inu’s AltRank score recently moved from 98th to the current two positions, marking an advancement of 96 places. However, its Galaxy Score has dropped by 7.
In terms of social metrics, Shiba Inu’s social interactions, posts, and creators witnessed declines of 19%, 9.9%, and 12.4%, respectively. However, the token observed a 3.7% surge in social sentiment and an 8.5% increase in social dominance in the past 24 hours.
Shiba Inu Ecosystem Team Reacts
LunarCrush’s bullish assessment caught the crypto community’s attention, with the official Shiba Inu X account (@Shibtoken) commenting on the update.
The account emphasized that Shiba Inu’s “social activity is buzzing.” This implies that social media users are showing interest in SHIB in terms of engagement.
They also noted that the community behind Shiba Inu is stronger than ever, urging enthusiasts to keep promoting SHIB.
#SHIB Social activity is buzzing! Our community is stronger than ever. Let's keep spreading the word and show the world the unstoppable power of the #SHIBARMY 😎 https://t.co/xMYOd9s1Qd
— Shib (@Shibtoken) April 4, 2024
Shiba Inu Positive Social Engagement Bolsters Market Activity
Notably, Shiba Inu has consistently ranked among the top cryptocurrencies by social activity. It has garnered millions of engagements across X, Discord, and Reddit, making it one of the most popular crypto assets on these platforms.
Interestingly, this positive trend has been paying off recently, as seen in the asset’s market activity. As reported yesterday, three new wallets accumulated approximately 184 billion SHIB tokens in two days.
Additionally, the leading Indian crypto exchange WazirX highlighted Shiba Inu as the most traded token in March 2024.
At press time, Shiba Inu’s trading volume has surged 3.5% over the past 24 hours to $672.38 million. The price of Shiba Inu is currently up 4.13% in the daily charts, with a unit of SHIB changing hands at $0.00002738.
Conversely, Shiba Inu has recorded a 14.47% loss in the past week. This downturn coincides with the massive correction witnessed across the broader crypto market.
Although Shiba Inu’s current performance is nothing compared to last month’s record, LunarCrush’s bullish assessment of the token could set the stage for a potential rally soon.