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.
In addition to this, the major cryptocurrencies are still below their crucial price level. However, the SHIB coin is currently experiencing a massive bull run- quite in contrast to 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.
A Surge In Social Dominance
Several factors have fueled the price rally and as per analytic firm, LunarCrush, Shiba Inu has gained 8.03% in terms of social mentions along with a 10.37% increase in social engagement. Hence, the overall social media sentiment appears to be positive. The chart below depicts the social dominance volatility.
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 there is an increase in social media engagement, Shiba Inu’s volume has not seen any surge; it has been constant for the last two weeks.
The circulating market cap has dropped by 18.50% in the last two weeks.
Although the market sentiment is positive around the meme-coin, it’s important to remember that it’s always risky to trade in volatile currencies.
Thus, Coinpedia readers are recommended to exercise caution while investing/trading.