Shiba Inu coin has long been working its way to the top, only to be brought back down by violent market forces. The token is now trying its best to stay on top of the market radar and is pushing it all to trade at a high price spot. With its long consolidatory pace and the assets continuing pace to explore new lows, is the Shiba Inu coin dead in the true sense, or is it just waiting for its bigger, better breakthrough?
Also Read: Shiba Inu Crashes to 2023 Lows (SHIB)
Is Shiba Inu Coin Dead or Alive?
Shiba Inu has long been vying for the top spot, trying its best to replicate its iconic 2021 price hike. The asset is currently sitting at a low $0.000006582, down 19% in the last month. The on-chain SHIB data portrays a broad spectrum of trends in terms of SHIB’s price performance, starting with the SHIB exchange reserve sitting at 81.40T, signaling a potential sell supply pressure as they are rising at present.
However, a positive clue from CryptoQuant is SHIB’s exchange netflow, which is at 23.38B, down 1%, signaling modest accumulation and is mildly bullish for the asset.
Moreover, the data also shows exchange inflow of MA7 sitting at +110%, showing short-term spikes in tokens moving onto assets preceding the volatility. In essence, these data developments show Shiba Inu experiences mild on-chain activity and is far from dead, but the token is needed for bullish parallels to stay afloat and relevant in the market.
New Narrative Fueled by Lucie
According to Lucie, Shiba Inu’s marketing lead, Shiba Inu is already vying for new community narratives. Lucie shared how SHIB will soon make a comeback with NFTs and New standards in AI. Her post was met with a positive response, all while gaining momentum across the board.
“🐶SHIB🐶 will come back, and strong communities will carry on, pushing back to gains. Weak projects built on paid KOLs will fade, and better ones will be born. NFTs may regain momentum. New standards across AI will emerge. Pay attention; there will be opportunities to make money. NFA. Never invest what you can’t afford to lose. And remember, in this market, it is good to have strong fighters on your side. practice friendly fight.”
Also Read: Why Buying The Shiba Inu Dip Could Be Your Best Investment