Kishu Inu: These catalysts may push KISHU on a bullish path

Lavina Daryanani
Source: NDTV Gadgets

Kishu Inu [KISHU], the market’s 2920th ranked coin, had a good run during the initial few days of the week. It rose in value from a level as low as $0.000000001737 to $0.000000002478. Post that, nonetheless, it started sliding down and is currently in its consolidation phase, similar to that of BabyDoge.

Source: CoinMarketCap

The on-chain sentiment with respect to this coin has, by and large, been bearish. The network growth, for starters, has dipped by almost 1% over the past day. The large transactions also have shrunk by 13.5% in the same timeframe. Given the fact that 54% of the token’s supply is held by large holders, this too ain’t a healthy sign.

Source: CoinMarketCap

The number of HODLers, however, continues to march upwards on the macro-frame. After gradually rising on almost a daily basis, this token currently has more than 253k market participants in possession of it.

Source: CoinMarketCap

Also, the social sentiment associated with the coin has started refining at this point. The number of mentions on crypto-centric social media has already risen from the lows of January and Kishu Inu has started seeing renewed interest from community members. Whenever this has happened in the past, the token’s price has more often than not rallied.

As far as specific numbers are concerned, this coin has been getting anywhere between 500-1000 mentions on a daily basis since the beginning of February. The same can be evidenced from the chart attached below.

Source: Santiment

Considering the last two factors, it wouldn’t be wrong to assert that recovery is on the cards for Kishu Inu. However, the same won’t happen overnight. The trading volume would have to pick up pace and the network growth has to happen alongside. Only when the state of all of the said metrics ameliorates would Kishu Inu be able to kickstart a sustainable uptrend.