While Shiba is continuously consolidating, traders are moving away from the memetoken, leaving it with the support of social media
While the social volume and general sentiment towards the famous Shiba Inu memetoken remains extremely high and positive, the asset’s financial data suggests the fuel tank for another big move may be emptied, data on the channel shows. Santiment.
With social metrics reaching new highs, Shib’s market data does not show any signs of continuous growth. The token’s trading volume on Binance today reached 11 trillion tokens, while remaining close to 200 trillion the week before when the token price hit the local high.
On the other hand, positive social volume signals that traders and investors are still interested in the token’s future and potential but are not yet ready to support it with their wallets. In terms of popularity on social media, Shib has previously garnered more mentions on Twitter than Bitcoin, Ethereum, or Dogecoin.
Previously, U.today reported that whales are buying into the meme-based token and betting on its growth. Massive purchasing power most likely led to the price hike we saw on October 11th.
At press time, the token is trading with a 19% discount from the local top of $0.00003563. The open interest on SHIB futures also fell significantly after showing the extremely high value that signaled an over-leveraged market. Though most traders moved their funds away from derivatives based on the memetoken, its price remained relatively stable and did not experience any correction.
