Shiba Inu (SHIB) Dominates Social Media Despite Negative Sentiment: Price Could Extend to $0.000031
Shiba Inu (SHIB) has been commanding the social ranks despite some negative sentiment in the market. The price of the meme cryptocurrency could extend towards $0.000031 in the short term, according to data from LunarCrush.
Metrics such as growing social dominance, volatility, and AltRank have soared in the market, with Shiba Inu network leading the pack. The social dominance of SHIB jumped 33.4% in the last 24 hours, making it one of the most discussed assets in the top 100.
While sentiment on some platforms was neutral, TikTok showed a growing community with positive sentiment around 59.5%. AltRank, which rose to the second position before a recent drop, combines price, performance, and traction in one network, indicating SHIB’s dominance in these aspects.
The price of SHIB at the time of publication was $0.000027, representing a 1.89% increase in the last 24 hours. The funding rate, which was at 0.012%, suggests that sellers are incredulous and spot traders are buying aggressively.
Despite a decrease in daily volatility, the price of SHIB could potentially fall to $0.000022 or extend towards $0.000031 in a bullish scenario. Holders may need to stop previous profit booking activity for a recovery towards $0.000035 to be possible.
Overall, SHIB continues to make headlines in the cryptocurrency market, with its dominance in social media and potential price movements keeping investors and traders on their toes.