Santiment Advises Holding onto Shiba Inu Amid Market Turmoil for an Extended Period
Key Takeaways
– Santiment recommends holding Shiba Inu (SHIB) for long-term stability despite recent market challenges.
– SHIB and WIF have experienced significant gains in the cryptocurrency market.
– Shiba Inu has entered the top 10 with a market cap of $20.96 billion, despite market fluctuations.
Cryptocurrency enthusiasts are eagerly anticipating a potential surge in Shiba Inu (SHIB), as social data from Santiment suggests that acquiring and holding SHIB for the long term is advisable, despite recent market turmoil.
Following Bitcoin’s record-breaking high of over $69,000 on March 5, the crypto market faced numerous challenges. Shiba Inu, known for its volatility, also experienced a setback. Within a few hours, SHIB dropped by 40%, falling from $0.00004218 to a low of $0.00002555, making it difficult to regain its desired price of $0.00003.
However, Santiment’s data reveals that traders remain hopeful about Shiba Inu’s recovery. Despite the market correction, traders believe that SHIB has the strength to bounce back, placing it in the spotlight alongside other meme coins like Dogwifhat (WIF).
During the market adjustment, meme coins experienced a surge in popularity. WIF, another meme coin, skyrocketed by an incredible 640% from $0.3068 on February 23 to a record high of $2.27 on March 6. Shiba Inu followed suit with an impressive 378% surge during the same period, joining the excitement surrounding meme coins.
The buzz surrounding “SHIB” flooded the crypto scene, fueled by Santiment’s AI summary. According to Santiment’s AI summary, the excitement stems from discussions about acquiring Shiba Inu and holding it for the long term.
Santiment also highlights that the main reason for the widespread discussion about SHIB is its recent impressive performance. From February 23 to March 6, Shiba Inu’s value soared by a staggering 378%. This significant growth in price and market cap is the reason why Shiba Inu is the talk of the crypto community.
Shiba Inu’s market cap has reached a staggering $20.96 billion, its highest point since December 2021. This achievement has propelled SHIB into the top 10, which is remarkable considering its modest market cap of $5.22 billion just a month ago.
Despite a recent 15% drop, with SHIB trading at $0.00003137 in the last 24 hours, the cryptocurrency has still managed to achieve an impressive 121% gain over the past week. Investors are closely monitoring Shiba Inu’s resilience in the face of market changes and contemplating its potential for a rebound.