Shiba Inu Enjoys 8% Spike In Price In Last 7 Days, As SHIB Social Media Interaction Soars

Christian Encila

1 year ago

2 mins read

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Over the past week, Shiba Inu (SHIB) surged by 8%. In fact, even though the bearish market prevails, Shiba Inu is still performing at its peak.

SHIB’s social metrics up by 1.43%
Despite Shiba Inu’s social dominance, ROI is down
SHIB whales on a shopping frenzy

Social media chatter provides that much needed oomph for Shiba Inu (SHIB), triggering a pump in prices. The amplified whale interest plus metaverse updates certainly gave SHIB that push.

The increased hype around SHIB could be because of the Whalestats announcement via a tweet stating that SHIB was able to outperform other meme coins and is now on the top rank or first in terms of tokens that are held by the top 500 ETH whales.

SHIB Enjoying A Pump In Social Media Metrics

Amazingly enough, SHIB has also registered a spike of 8% in terms of social mentions plus a 10% surge in social engagements. Overall, social media sentiment circling SHIB has been positive all throughout.

The chart shows that there is a market volatility seen in terms of SHIB’s social dominance which is currently at 1.43%.

Chart: Santiment

SHIB tokens are also increasingly burnt and stats on September 5 show that there are over 51 million SHIB tokens burned so far which gives a positive impact on the meme coin. With that in mind, SHIB tokens will also increase in value over the long haul.

There is an oversupply of SHIB with its total supply amassing 1 quadrillion which also explains the increase in burn initiatives.

Shiba Inu Whales On Shopping Frenzy

The increase in burnt tokens plus the boost in social media attention have not affected the volume of SHIB tokens with the meme coin’s volume looking stable and with a surge seen in September 4. Around 300 million SHIB tokens were burned this early in September.

In fact, in just 24 hours, it only took around 35 transactions to burn 102k tokens which show as much as a 65% increase in burn rate. Incredibly so, around 528 transactions were enough to burn roughly 3.7 billion SHIB tokens further increasing its scarcity level.

Remarkably, whales went on a shopping frenzy for SHIB tokens. In fact, one SHIB whale just made a 2-trillion SHIB transfer which is equivalent to as much as $22 million.

While the social media metrics of SHIB is in flying colors, the ROI aspect isn’t doing so well. Only 28% of Shiba Inu investors reaped profits, while 66% experienced losses, and 6% made a break-even. Additionally, Shiba Inu has dropped by more than 85% from its ATH.

SHIB total market cap at $6.5 billion on the daily chart | Source: TradingView.com
Featured image Fintechs.fi, chart from TradingView.com

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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