Quite a few people are in the cryptocurrency community who think that Shiba Inu, known with the SHIB tag, could be the next generation Dogecoin. Moreover, as Elon Musk started the craze after saying he was looking for a new Shiba, the community is looking forward to further bullishness in SHIB.
Shiba Inu (SHIB) address activity and social sentiment drops
According to Santiment, people expected SHIB to be a new DOGE in early May. Despite such a great expectation, it is now being questioned whether there really is such a hope. But based on some data metrics such as Social Volume, Social Responsiveness, Active Addresses, Network Profit Loss, social volume appears to be declining.
The first spike probably happened when Elon said he was looking for a Shiba dog. After this announcement, the cryptocurrency community went crazy. This is probably why this coin is experiencing peaks. Because when Elon mentioned the word “Shiba” on Twitter, the community as a whole turned to the cryptocurrency.
Community enthusiasm is also on the decline
Of course, the decline in social sensitivity and excitement can appear as a factor that affects the price. But does this really indicate a bad situation? Looking at the price movements in the cryptocurrency world, of course, it could be worse. The cryptocurrency community experienced effective decreases with price increases in the movements in 2018 and 2019. That's why they're no strangers to mobility and volatility.
In terms of activity, SHIB is still among the top 10 cryptocurrencies by activity on Ethereum. Such a situation can also be considered as a sign of bullish expectations. This could possibly be the case for the cryptocurrency SHIB. However, this question should also be kept in mind: What happens to a cryptocurrency when hype dies?
I have a shib faucet where I can mine the token for every four minutes but I didn't know if it's real. However, I thing the token will grow like every other token, it will rise, dip, rise and dip again before it finds it place in the crypto market.