Over the past week, Shiba Inu (SHIB) surged by 8%. In fact, even though the bearish market prevails, Shiba Inu is still performing at its peak.
- SHIB’s social metrics up by 1.43%
- Despite Shiba Inu’s social dominance, ROI is down
- SHIB whales on a shopping frenzy
Social media chatter provides that much needed oomph for Shiba Inu (SHIB), triggering a pump in prices. The amplified whale interest plus metaverse updates certainly gave SHIB that push.
The increased hype around SHIB could be because of the Whalestats announcement via a tweet stating that SHIB was able to outperform other meme coins and is now on the top rank or first in terms of tokens that are held by the top 500 ETH whales.
SHIB Enjoying A Pump In Social Media Metrics
Amazingly enough, SHIB has also registered a spike of 8% in terms of social mentions plus a 10% surge in social engagements. Overall, social media sentiment circling SHIB has been positive all throughout.
The chart shows that there is a market volatility seen in terms of SHIB’s social dominance which is currently at 1.43%.
SHIB tokens are also increasingly burnt and stats on September 5 show that there are over 51 million SHIB tokens burned so far which gives a positive impact on the meme coin. With that in mind, SHIB tokens will also increase in value over the long haul.
There is an oversupply of SHIB with its total supply amassing 1 quadrillion which also explains the increase in burn initiatives.
Shiba Inu Whales On Shopping Frenzy
The increase in burnt tokens plus the boost in social media attention have not affected the volume of SHIB tokens with the meme coin’s volume looking stable and with a surge seen in September 4. Around 300 million SHIB tokens were burned this early in September.
In fact, in just 24 hours, it only took around 35 transactions to burn 102k tokens which show as much as a 65% increase in burn rate. Incredibly so, around 528 transactions were enough to burn roughly 3.7 billion SHIB tokens further increasing its scarcity level.
Remarkably, whales went on a shopping frenzy for SHIB tokens. In fact, one SHIB whale just made a 2-trillion SHIB transfer which is equivalent to as much as $22 million.
While the social media metrics of SHIB is in flying colors, the ROI aspect isn’t doing so well. Only 28% of Shiba Inu investors reaped profits, while 66% experienced losses, and 6% made a break-even. Additionally, Shiba Inu has dropped by more than 85% from its ATH.
SHIB total market cap at $6.5 billion on the daily chart | Source: TradingView.com Featured image Fintechs.fi, chart from TradingView.com