The Shiba Inu is once again showing its strength. Despite the ongoing bear market, the dog coin has recorded an 8.7% increase in the past week. Experts point to a link between this movement, and social media activity.
Whalestats pushes SHIB
The reasons for Shiba Inu’s increases can be traced around various factors. One of them is social media activity. We are mainly talking about the Whalestats platform, which reported via Twitter that Shiba Inu is dominating among all meme coins. Thus, SHIB tops the list of assets held by Ethereum’s top 500 whales.
On the other hand, according to Santiment analysts, there is some market volatility in terms of SHIB’s social dominance. Currently, its ratio is 1.43%.
Very positive sentiment around SHIB
Interestingly, it’s not just whalestats that are having a positive impact on the image of the Shiba Inu. The general sentiment around the coin, is taking an increasingly encouraging shape. SHIB thus saw as much as an 8% increase in the last week in terms of social mentions. Meanwhile, social engagement itself increased by nearly 10%. In summary, the public sentiment expressed online, remains highly optimistic.
Is combustion driving the increases?
Last week, in an article titled “Shiba Inu records 3.6 billion SHIB burned in August,” we reported on the very high reduction in Shiba Inu supply. The reason for this fact is the successive transfer of coins to wallets from which they cannot be recovered. These transactions are carried out by SHIB users, who receive rewards in return.
The rich burning statistics recorded in August are successively increased in September. On the 4th day of the month alone, another 300 million SHIBs were reported to have irretrievably disappeared from the market.
SHIB whales with increased appetite
Further metrics indicate that the rapid increase in the value of Shiba Inu, can also be linked to the significant purchases the whales are currently making. Current prices appear to be extremely attractive to them. One of them has just made a transfer of 2 SHIB billons, equivalent to as much as $22 million.
Combining all the factors mentioned, we can see that the Shiba Inu remains a very interesting choice. Social media mentions are driving retailer interest, burn successively reduces supply, and whale purchases may suggest upcoming increases.
Still, only 28% of SHIB investors are making a profit. 66% of them, at the time of this writing, are making losses. The remaining group, accounting for 6%, is currently near breakeven.