Shiba Inu: Looking at SHIB’s DeFi, NFT front, shorting will be…
Shiba Inu has been trying to grow its ecosystem for quite some time now. There have been many ongoing developments in it metaverse and in DeFi space.
However, despite their efforts, the Shiba Inu community has not been able to pull the SHIB token out of the depths of the bear market.
From this to that – what changed?
One of the reasons for the Shiba Inu’s underperformance may be its declining presence on social media. Since Shiba Inu is a memecoin, the hype on social media plays a big role in influencing its price.
During the last month, Shiba Inus have social engagements written off by 18.3%, and the social mentions have decreased by 11.7%. The sentiment surrounding the Shiba Inu token has not been positive either, as you can see from the image below. With the exception of a few peaks on the chart, the overall sentiment has been negative for the Shiba Inu token.
Source: Sentiment
Shiba Inu has also not been able to attract users to its DeFi effort, ShibaSwap. Even with whales’ interest in the BONE token, ShibaSwap’s TVL has been on the decline in recent weeks.
However, the Shiba Inu community’s NFT protocol, it Shibosis, has done relatively well. The NFT collection showed a growth of 44% in volume and has shown growth in terms of floor price and market value, according to NFTG’s analyses.
Source: DefiLama
Well, even though Shiba Inu has shown potential in the NFT space, its growth has not been enough to positively impact the token yet.
As can be seen from the image below, Shiba Inu’s volume and market value have been on the decline. The MVRV ratio has also been in the red. Thus indicating a very bearish future for the memecoin.
Source: Sentiment
A glimmer of hope
Despite not performing well in the market, the Shiba Inu has consistently garnered interest from whales.
According to a tweet published on September 27 by WhaleStats, Shiba Inu was the most held token among the top 1000 Ethereum whales.
This can be seen as an indicator of massive trust from large ETH addresses in the Shiba Inu token.
Other factors such as burning Shiba Inu tokens, can also have a positive impact on the meme coin’s price. However, at the time of writing, Shiba Inu was trading at $0.00001094 after falling in value by 3.70% in the last 24 hours.
It remains to be seen whether the whales’ interest can help drive the memecoin in a positive direction. But in the short term, things look bearish for SHIB.
