Shiba Inu has achieved quite a few milestones over the past few days. Towards the end of March, it had announced the launch of its metaverse. Riding on the back of the launch news, the token managed to pull off a 4% upswing in a matter of hours. In another feat achieved earlier this month, the token was added to the Bitcoin of America ATMs. In fact, as highlighted in a recent article, Shiba Inu has a host of projects up its sleeve that are set to be rolled out to the community in the weeks to come.
Despite the feats achieved and announcements made, the token’s price has not been able significantly improve its valuation. As highlighted in an article yesterday, from mid-March until now, SHIB has been able to glide up by only around 20%. The state of the market over the past day made things even worse. After noting a 5% dip in 24 hours, Shiba Inu was trading merely at $0.00002486 at the time of press.
Despite that, the community sentiment associated with the token has significantly improved of late. As can be seen from the chart affixed, Shiba Inu’s social volume metric was at its multi-day peak a few hours back. In fact, spikes continued to peak at press time.
For a token like Shiba Inu, the support of its community has always been its greatest asset. Whenever they’ve had this crypto’s back, SHIB has been able to prosper.
Viewing things via Shiba Inu’s fundamental lens
On the fundamental front, Shiba Inu’s NVT has seen a macro rise. As such, higher ratios typify that the network value is being able to outpace the value being transferred on the network and vice versa.
Unlike most assets, however, SHIB has shared an inverse relation with this metric. Back in the October period last year when it rallied, The NVT was quite low. On the contrary, on gloomy days, this metric has peaked.
After creating a multi-month high on this front a couple of days back, Shiba Inu’s NVT is currently back to moderate levels, making the environment suitable for consistent growth. Thus, keeping in mind the current state of affairs, it doesn’t look like the day is far when Shiba Inu would be rescued by its fundamentals.