Cryptocurrency enthusiasts are eagerly eyeing Shiba Inu (SHIB) for a potential surge, as social data from Santiment hints at acquiring and holding Shiba Inu for the long term despite recent market turmoil.
After Bitcoin hit an all-time high of over $69,000 on March 5, the crypto market faced challenges. Shiba Inu, known for its ups and downs, took a hit too. Within a few hours, SHIB dropped by 40%, going from $0.00004218 to a low of $0.00002555, making it tough to climb back to the desired $0.00003 price.
SHIB and WIF Take the Lead
Despite the setback, Santiment’s data reveals that traders remain hopeful about Shiba Inu’s recovery. Even with the market correction, traders believe SHIB has the strength to recover, putting it in the spotlight alongside other meme coins like Dogwifhat (WIF).
As the market adjusted, meme coins had their moment. WIF, a companion in the meme coin trend, soared an incredible 640% from $0.3068 on Feb. 23 to a record $2.27 on March 6. Shiba Inu followed suit with a remarkable 378% surge in the same period, joining the meme coin excitement.
Why the Buzz
Discussions about “SHIB” flooded the crypto scene, boosted by Santiment’s AI summary. According to Santiment’s AI summary, this excitement is because people are discussing getting Shiba Inu and keeping it for the long term.
Further Santiment points out that the main reason for all the talk about SHIB is its recent impressive performance.
As from February 23 to March 6, Shiba Inu’s value shot up by a whopping 378%. This big growth in its price and market cap is why everyone is buzzing about Shiba Inu in the crypto community.
Shiba Inu Into Top 10 By MArket Cap
Shiba Inu’s market cap skyrocketed to $20.96 billion, its highest point since December 2021. This pushed SHIB into the top 10, a significant achievement considering its modest $5.22 billion market cap just a month before.
Despite a recent 15% drop, with SHIB trading at $0.00003137 in the last 24 hours, the cryptocurrency has maintained an impressive 121% gain over the past week. Meanwhile, investors are closely watching Shiba Inu’s strength in the face of market changes, pondering its potential to bounce back.
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