Shiba Inu positive social sentiment fuels bullish speculation

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

This week, SHIB price showed a promising growth, holding the level above the $0.0000065 range. Furthermore, on-chain data analysis reveals a significant increase in positive social sentiment within the vibrant Shiba Inu community.

With these encouraging developments, investors and enthusiasts anxiously ponder whether this could signal an upcoming bullish reversal for SHIB. Is it time for Shiba Inu Token to regain its momentum and start a new upward trajectory?

Growing Optimism Among Shiba Inu Investors

After a shaky start to the month, investors in SHIB are starting to feel more optimistic about the project’s prospects. This renewed optimism can be attributed, in part, to weighted sense of sentimentWhich measures the overall mood of the blockchain community by comparing the number of positive comments to the number of negative comments.

SHIB weighted sentiment. Source: Santiment

Adding to the positive sentiment, the Shiba Inu community received intriguing updates from notable figures within the project.

Something physical is coming. #shib #shibarmi pic.twitter.com/XuAe2AkpJw

– Shytoshi Kusama™ (@ShytoshiKusama) June 14, 2023

Shiotoshi Kusama, a prominent developer of the Shiba Inu, created excitement with a mysterious tweet Teasing an upcoming product launch.

Soon after, another major contributor, Lucy Shib, confirmed the project’s commitment to its vitality and development. separate tweet,

We are building.
we’re going nowhere.$shib X #shiboshis

– 𝐔𝐔𝐖 (@LucieSHIB) June 15, 2023

Recent price movements and social sentiment

according to the latest data from coinmarket capThe current price of SHIB is $0.00000669, which shows An increase of 2.65% within the last 24 hours. The past seven days also showed some price correction for SHIB, as Mim Coin gained 7.29%.

Source: CoinMarketCap

Examining the on-chain data, it becomes clear that these important announcements have had a positive impact on social sentiment within the SHIB community.

The weighted sentiment metric for SHIB started showing an upward trend around June 9 and as of June 16, it sat at around -1.43. This indicates a significant 13% improvement in positive sentiment over the past week.

SHIB market cap currently at $4.07 billion on the weekend chart: TradingView.com

Chances of Bullish Reversal

When the weighted sentiment metric begins to rise during a period of price correction, it often signals the potential for a bullish reversal. Therefore, if the team’s recent announcement turns out to be a well-received product launch, it is likely that SHIB could enter a phase of price recovery in the near future.

This development has caught the attention of investors and could pave the way for an upward trajectory for Meme Coin.

featured image from The Daily Hoddle