The crypto market is reflecting positive momentum for the day but is still trading below $1 trillion, positioned at $995.40 billion with a surge of 1.91% in the last 24hrs.
Furthermore, the major cryptocurrencies are still trading below their critical price levels. However, SHIB Coin is currently experiencing a massive bull run- unlike the global crypto space.
Although the bears are currently displaying dominance, the meme currency has witnessed a jump of 7% over the span of seven days. Additionally, Whalestats took to Twitter to say that SHIB is currently the top currency for the top 500 ETH whales holding the tokens.
rise in social dominance
Several factors have fueled the price rally and according to the analytical firm, LunarCrush, the Shiba Inu saw a 10.37% increase in social engagement with social mentions to 8.03%. Hence, the overall social media sentiment appears to be positive. The chart below shows the volatility of social dominance.
In addition to all this, on September 5, the Shibburn revealed that nearly 51 million SHIB tokens have been burnt. So with an increased burning rate, the meme currency might see increased demand and value.
However, although social media engagement has increased, the amount of Shiba Inu has not seen any jump; It has been stable for the last two weeks.
The circulating market cap has dropped by 18.50% in the last two weeks.
Although the market sentiment around the mem-coin is positive, it is important to remember that trading in volatile currencies is always risky.
Thus, Coinpedia readers are recommended to exercise caution while investing/trading.
