CandleFocus Shiba Inu Rallies 34%, But Will FOMO End The Rally?
2024-09-28
Author: Content Editor
The analytics firm Santiment has analyzed the on-chain metrics of Shiba Inu as its price surged by 34% over the past week. The three key indicators are Volume, Circulation, and Whale Transaction Count. The Volume metric reflects trading interest in the coin, while Circulation measures unique tokens participating in transactions on the network. The Whale Transaction Count reflects the number of transactions valued at over $1 million. All three indicators have seen a sharp uptick alongside the price surge, suggesting increased activity on the network. However, this extreme rise in metrics may indicate excessive trader excitement and the development of FOMO (fear of missing out). Santiment suggests that traders should wait for the hype to calm down before expecting further bullish movements. Despite this caution, Shiba Inu has seen a 14% increase in the past 24 hours, breaking past $0.0000195.
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