- The launch of Shiba Inu was accompanied by the hype of SHIB being the next Dogecoin
- However, social sentiment and volume has since dropped into negative territory
- Some Shiba Inu investors seem to have capitulated and sold their SHIB
- Address activity surrounding Shiba Inu continues to be high despite the capitulation and low sentiment
The Shiba Inu (SHIB) token was created in August 2020 and modeled as ‘the Dogecoin killer’. Shiba Inu (SHIB) lay undiscovered for the rest of 2020 and early 2021 until Tesla’s CEO, Elon Musk, tweeted that he was considering the possibility of getting a Shiba Inu in March of this year as highlighted via the following tweet.
I’m getting a Shiba Inu #resistanceisfutile
— Elon Musk, the 2nd (@elonmusk) March 14, 2021
Did Elon Mean an Actual Doge or Shiba Inu (SHIB) Tokens?
As with most tweets by Elon Musk, the crypto Twitter community deciphered his Tweet to mean that he was going to purchase Shiba Inu (SHIB) tokens based on the background that he is already a fan of Dogecoin (DOGE). This then ignited interest in the meme-coin of a meme-coin (Dogecoin), known as Shiba Inu.
I’m getting a Shiba Inu #resistanceisfutile
— Elon Musk, the 2nd (@elonmusk) March 14, 2021
Social Santiment and Volume Wanes for Shiba Inu (SHIB)
However, the hype surrounding Shiba Inu (SHIB) has since dropped into negative territory. This is according to an analysis by the team at Santiment that pointed out that excitement surrounding Shiba Inu (SHIB) has now become bearish as illustrated in the chart below.
Some Shiba Inu Holders Have Capitulated, Address Activity Remains High
The analysis by the team at Sentiment goes on to point out that some of the Shiba Inu holders have sold their SHIB since early May when excitement surrounding the token was at its peak. In addition, Shiba Inu’s address activity has also declined along the way but is still amongst the highest in the crypto-verse as explained through the following statement and accompanying chart.
There are definitely signs that hype is over for Shiba Inu. However at the very least even though it’s active addresses have declined heavily, they remain quite high. That’s not a bad sign. It could do worse. It still puts SHIB into top 10 coins by activity on Ethereum. And it remains relatively high.
