As an analyst with over a decade of experience in the cryptocurrency market, I have seen my fair share of meme coins come and go. The recent report by Santiment regarding Shiba Inu (SHIB) has raised some red flags for me. The high level of centralization, coupled with the rapid decline in social media interest and trading volume, suggests that retail investors are losing faith in this coin.
As per the latest report published by analytics platform Santiment, the meme cryptocurrency Shiba Inu (SHIB) is presently witnessing exceptionally high degrees of apprehension, ambiguity, and doubt (FUD).
The current level of supply held in wallets containing fewer than a billion tokens ($13,000 worth at the moment) is at its smallest point since last November 2022.
A significant portion of Shiba Inu tokens is held by a few large investors, suggesting a high degree of concentration or centralization within the market.
It appears that Shiba Inu, often compared to Dogecoin, is experiencing a significant drop in social media activity. There have been relatively few conversations about it on social platforms during the last month. This could be due to the fact that the cryptocurrency has recently seen a mass departure of retail investors, as previously mentioned.
According to U.Today’s reports, Shiba Inu (SHIB) is struggling to keep up with other meme cryptocurrencies in terms of trading volume. Interestingly, it even lags behind Litecoin (LTC), an older established cryptocurrency that first appeared in 2011.
From a positive perspective, Santiment predicts that the Shiba Inu (SHIB) token may show improvement when Bitcoin continues to surge. At this point, SHIB’s long-term performance has been quite poor, with returns almost reaching -32%, which is why it’s often referred to as a “less successful Dogecoin.
What about Dogecoin?
Regarding Dogecoin, there’s currently no sense of fear of missing out (FOMO) as per Santiment. However, market participants who are retail investors seem to be unsure or undecided about the meme coin, given their ownership of its supply. The firm explains that the sentiment towards Dogecoin is balanced or neutral at this moment, hovering around the break-even point.
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2024-09-11 19:15