Coin Edition -
- SHIB attracts significant new addresses despite the market correction, signaling sustained interest.
- Santiment data reveals strong bullish sentiment around SHIB’s growth potential.
- Technical indicators show SHIB’s short-term price remains bullish despite potential overbought conditions.
March kicked off with a bang for Shiba Inu (SHIB) as the meme coin attracted over 8.4k new addresses daily, reaching a peak of 21k new daily addresses. As highlighted by IntoTheBlock, this surge, nearly 20 times February’s daily average, reflects a notable uptick in interest despite the recent market correction. Traders, particularly bullish on SHIB, anticipate a recovery for the token amidst the broader crypto market turbulence.
Shiba Inu kicks off March with a bang, attracting over 8.4k new addresses daily & peaking at 21k new daily addresses – nearly 20x February's daily average. #ShibaInu #SHIBARMY pic.twitter.com/5hXvKfqfio— IntoTheBlock (@intotheblock) March 7, 2024
The recent market reset, catalyzed by Bitcoin’s surge to an all-time high above $69,000 on March 5, led to a significant downturn across various cryptocurrencies. However, social data from Santiment suggests that traders maintain optimism regarding SHIB’s potential for recovery.
Santiment’s analysis indicates a strong bullish sentiment, mainly driven by discussions surrounding SHIB’s recent price and market cap growth. The token surged by an impressive 378% from February 23 to March 6, reflecting the enduring enthusiasm among investors.
Alongside SHIB, dogwifhat (WIF) has captured attention for its remarkable performance in the recent market rally. WIF soared by an astonishing 640% from $0.3068 on February 23 to an all-time high of $2.27 on March 6, leveraging the meme coin mania to achieve substantial gains.