Shiba Inu (SHIB) Positive soziale Stimmung löst bullische Spekulationen aus

Shiba Inu (SHIB), a cryptocurrency that has gained immense popularity and attention in recent months, is once again making waves as its price shows signs of recovery.

This week, the SHIB price has shown a promising upward trend, holding a level above the $0.0000065 range. Additionally, on-chain data analysis shows a significant increase in positive social sentiment within the vibrant Shiba Inu community.

In light of these encouraging developments, investors and enthusiasts are anxiously wondering if this is a sign of an upcoming bullish trend reversal for SHIB. Is it time for the Shiba Inu token to regain momentum and embark on a new upward trend?

Growing Optimism Among Shiba Inu Investors

After a volatile start to the month, SHIB investors are becoming increasingly optimistic about the project’s prospects. This renewed optimism is partially due to Santiment’s weighted sentiment, which evaluates the overall sentiment of a blockchain community by comparing the number of positive comments to negative comments.

In addition to the positive sentiment, the Shiba Inu community received interesting updates from notable personalities in the project. Shytoshi Kusama, a well-known Shiba Inu developer, created excitement with a mysterious tweet announcing an upcoming product launch.

Shortly after, Lucie Shib, another key contributor, reaffirmed the project’s vitality and commitment to development in a separate tweet.

Current Price Movements and Social Sentiment

According to the latest data from CoinMarketCap, the current price of SHIB is $0.00000669, representing a 2.65% increase in the past 24 hours. The past seven days have also shown some price improvement for SHIB, as the meme coin has gained 7.29%.

When examining on-chain data, it becomes clear that these critical announcements have had a positive impact on the social sentiment within the SHIB community. The weighted sentiment metric for SHIB began showing an upward trend around June 9th and is currently around -1.43 on June 16th. This indicates a significant 13% improvement in positive sentiment over the past week.

Possibility of a Bullish Reversal

When the weighted sentiment metric begins to rise during a price correction phase, it often signals the possibility of a bullish reversal. Therefore, if the recent team announcement becomes a well-received product launch, there is a possibility that the SHIB price will enter a recovery phase in the near future.

This development has captured the attention of investors and could pave the way for an upward trend for the meme coin.

Featured image from The Daily Hodl.