Shiba Inu has continued its rise recently as data shows the social volume of the cryptocurrency has also registered a sharp growth.
Shiba Inu Social Volume Has Risen 65% In The Past Week
Shiba Inu has enjoyed an uptrend recently as the much-anticipated Shibarium upgrade of the memecoin is expected to drop later this month. This rally started around the start of this month, and within only a couple of days, the asset’s value registered a rapid growth to the $0.00001050 mark.
However, the coin temporarily lost its steam after this peak, as its price plunged below the $0.00000900 level. This wasn’t the end of the rally, though, as SHIB soon regained its footing and started surging again.
The below chart shows how the price of the memecoin has fluctuated in the past month.
Looks like the value of the asset has been going up in recent days | Source: SHIBUSD on TradingView
The cryptocurrency rebounding in this fashion after a pretty steep decline from the peak is a positive sign for things to come, as it shows that the market hasn’t just given up on the rally yet.
In this latest surge, the asset has managed to reclaim the $0.00001000 level. With profits of more than 16% during the past week, Shiba Inu is the best performer among the top cryptocurrencies in the market by quite a distance.
SHIB’s bullish momentum has not slowed down yet, as the coin has seen gains of another 3% over the last 24 hours. Regarding its market cap ranking, Shiba Inu remains the 14th largest asset in the sector.
SHIB seems to have a market cap of around $5.9 billion at the moment | Source: CoinMarketCap
There is only a small gap between the market caps of the memecoin and that of Litecoin (LTC) and Polkadot (DOT) right now, meaning that if the coin can keep up its bullish momentum, it should soon surpass them and reach the 12th position.
According to data from the analytics firm Santiment, the social volume of the cryptocurrency has observed a very significant increase as this rally has taken place.
The 7-day changes in the social volume of the various assets | Source: Santiment on X
The “social volume” here refers to a metric that tracks the total number of posts, threads, and other text messages on the major social media platforms that mention Shiba Inu.
This metric effectively tells us about the degree of discussion the coin receives on social media. This metric has risen 65% for SHIB in the past week, implying that talks around the memecoin have significantly increased.
This increased interest can be constructive for the asset, although if the social volume rises by too much, it can instead lead to the cryptocurrency hitting a top.
Featured image from Ferhat Deniz Fors on Unsplash.com, charts from TradingView.com, Santiment.net
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