Shiba Inu Rallies 34%, But Will FOMO End The Rally?
28 Settembre 2024 - 4:00AM
NEWSBTC
Data shows metrics related to Shiba Inu have seen rapid growth
alongside the meme coin’s 34% surge, a potential sign that FOMO is
developing among investors. Shiba Inu Has Seen An Uptick In
Activity With Its Latest Rally In a new post on X, the analytics
firm Santiment has discussed how the various indicators related to
Shiba Inu have looked while its price has shot up 34% over the past
week. There are three on-chain metrics of interest here: Volume,
Circulation, and Whale Transaction Count. The first of these,
Volume, tracks the total amount of SHIB involved in trades on the
major exchanges every day. This indicator naturally reflects how
intense the investors’ trading interest in the coin is. Related
Reading: Render (RENDER) Shows 23% Surge As Sharks & Whales
Continue To Buy Circulation also relates to activity, but it’s not
restricted to exchanges. This metric measures the total number of
unique tokens of the asset participating in transactions on the
network. Whenever the Volume spikes without a corresponding spike
in this indicator, it means that the trading activity around the
meme coin is potentially coming from wash trading. The last
indicator, the Whale Transaction Count, tells us about how many
transactions valued at more than $1 million are being executed on
the Shiba Inu network every day. Generally, only the whale entities
are capable of making such large single-transfer shifts, so this
metric reflects the activity that the large hands of the market are
participating in. Now, here is the chart shared by the analytics
firm that shows the trend in these three SHIB on-chain metrics over
the last few months: As displayed in the above graph, all three of
these Shiba Inu indicators have registered a sharp uptick alongside
the latest price surge, implying that activity as a whole has
spiked on the network. Generally, a rise in activity is a good sign
whenever rallies occur, as it suggests investors are getting drawn
to the coin. It’s usually the influx of traders that provides the
fuel that price moves like these need to keep going. The latest
rise in the SHIB metrics, however, is a bit extreme, potentially
indicating that traders are getting too excited too quickly.
Santiment has also pointed out that social media discussions
related to the coin have spiked at the same time, lending further
credence to the fact that the investors are feeling FOMO.
Cryptocurrency markets have historically tended to move against the
expectations of the majority, so when the crowd shows this much
hype, a top can become probable to take place. Related Reading:
Dogecoin Wins Over Major Demand Zone: Path To $0.15 Now Clear? “In
order for the #13 ranked market cap to surpass its $0.000043
year-high made back in February, traders should wait for the high
bullish narratives to calm down slightly,” notes the analytics
firm. SHIB Price After showing a 14% continuation to its latest run
during the last 24 hours, Shiba Inu has broken past $0.0000195.
Featured image from Shutterstock.com, Santiment.net, chart from
TradingView.com
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