Shiba Inu meme cryptocurrency has reached a four-month high, Santiment has shared on-chain data that details it and shared conclusions on possible further price moves
The team at on-line data provider Santiment took to Twitter to comment on the Shiba Inu (SHIB) Gathering that took place this week. The coin has reached and gotten over its four-month price high, adding over 370% to date.
Santiment shared an update on the SHIB data on the channel and how it reflected the coin’s staggering peak, using the following metrics: active addresses, number of whale transactions, deposits, exchange influx, and more. Overall, they believe that a price top may be forming for Shiba Inu as there are several signs suggesting it.
SHIB address activity, exchange outputs
According to the Santiment report, active SHIB addresses are at a “crazy level” – they’ve noticed up to 4,500 active addresses per day and activity isn’t dropping to, say, 100-200 addresses. The analytics team points out that this is a sign that the SHIB rally has a fundamental justification.
According to them, Shiba Inu is currently in the top five most used coins on Ethereum. However, they have no idea who may be using SHIB so actively and what for.
Foreign exchange exits aren’t great, according to data from Santiment, however, withdrawals at these levels are “generally good for a coin.” Active deposits are very high, which Santiment experts believe to be a yellow flag, since this may indicate a price top forming for SHIB. The same shows a not very high inflow of currencies.
Whale transaction count, “high risk, low reward”
As for the amount of transactions performed by SHIB whales, Santiment says that here there are more yellow flags for the coin.
The reason is that, according to their previously published research, the number of whale transactions often coincides with a higher local price for a cryptocurrency. Overall, Santiment warns that the current situation with Shiba token may mean “high risk, low reward.”
Shiba Inu in 13th place
SHIB has rallied first to 20th place and, by now, it has reached 13th place on the CoinMarketCap scale. The price of the token reached $ 0.0003482, increasing by more than 50% in the last twenty-four hours. The current price level of SHIB holds just 18% from its all-time high of $0.0000388 hit in mid-May.
In the meantime, the coin’s market cap value has exceeded $ 12 billion (that’s more than Litecoin, Chainlink, and Bitcoin Cash) and its trading volume currently stands at over $ 18 billion.
