- SHIB commanded the social ranks despite the negative sentiment at some ends.
- The price might extend toward $0.000031 in the short term.
Rising social dominance, volatility, and AltRank were some of the metrics skyrocketing on the Shiba Inu [SHIB] network, based on data from LunarCrush.
According to the crypto social intelligence platform SHIB’s social dominance jumped by 33.4% in the last 24 hours. The rise in social dominance implies that the memecoin was one of the most-discussed assets among the top 100.
SHIB grabs the headlines
A further examination of the sentiment showed that there were 1.63 interactions with SHIB across different platforms. However, a large part of the sentiment shown on X was neutral.
But it was not the same case on TikTok where Shiba Inu seems to have a growing community. On the platform, positive sentiment was about 59.5% whereas YouTube could not boast of such numbers.
Source: Santiment
For the AltRank, AMBCrypto observed that it climbed to 2nd position on the 5th of April before its recent decline. AltRank combines price performance and traction on a network.
Therefore, the surge in the metric implied that SHIB dominated in these aspects. At press time, the price of the token was $0.000027. This represented a 1.89% increase in the last 24 hours.
If we were to go by the metrics analyzed above, then it means that SHIB could be recovering from its recent correction. However, it might be too soon to declare that without checking other metrics.
Spot buyers take perp sellers out of the way
Funding Rate was one of the other datasets AMBCrypto looked at. As of this writing, SHIB’s funding was 0.012%— lower than what it was on the 3rd of April.
Typically, positive funding implies that longs are paying shorts a fee to keep their positions open. On the other hand, negative funding suggests otherwise.
But the trend displayed by the metric also tells a thing or two about the price action. This time, Shiba Inu’s Funding Rate was moving lower and the price increased. The inference here sellers are in disbelief and spot traders are aggressively buying.
Source: Santiment
Despite the bullish potential, the one-day volatility around the token decreased. If volatility increases, the price can swing within wider ranges.
However, the contraction shown by Shiba Inu implies that price fluctuations might be lower. From a bearish perspective, the price of SHIB might fall to $0.000022.
But it does not seem like sellers would continue to dictate the memecoin’s direction. In a highly bullish scenario, the value of SHIB might extend toward $0.000031.
Read Shiba Inu’s [SHIB] Price Prediction 2024-2025
A significant amount of capital must flow into the cryptocurrency to validate the optimistic thesis. Holders might also need to halt the previous profit-booking activity.
If SHIB meets these conditions, then a recovery toward $0.000035 could be possible.
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