Shiba Inu investors have turned bearish amid a wave of sell-offs, which have halted the meme coin’s rally beyond the $0.000018 price level. On-chain analytics platform Santiment has provided insights into why this bearish sentiment could be positive for the Shiba Inu ecosystem.
Shiba Inu investors have turned bearish amid the wave of sell-offs in the crypto market. The broader crypto market has corrected, led by the Bitcoin price, causing SHIB to tumble. IntoTheBlock data highlighted the wave of selloffs in the Shiba Inu ecosystem, as large transactions for the meme coin are currently bearish, indicating whales are selling off their coins.
In an X post, Santiment also highlighted the bearish sentiment towards SHIB as the crowd’s optimism turned to doubt about any more upside moves. However, the on-chain analytics platform suggested this could be a good thing, noting that Shiba Inu is one of the largest coins showing the “best upside” based on buying into the crowd FUD.
The platform explained that the crypto market still remains a speculative sector, even for the largest coins by market cap. As such, the markets typically move in the opposite direction of the crowd’s expectation. This means that the bearish sentiment among Shiba Inu investors can lead to “rewarding results” for those willing to buy the dip amid the crowd’s selloffs.
Santimet mentioned earlier that these coins always experience significant rallies when market participants are bearish. Therefore, amid these massive selloffs, SHIB could experience a price surge that will melt faces, leaving the bears in disbelief.
The on-chain analytics platform also mentioned other top coins like Bitcoin, Dogecoin, Chainlink, XRP, and PEPE as showing the best upside based on how investors are buying them amid the crowd FUD.
Shiba Inu’s fundamentals, such as the meme coin’s burn rate and the rising Shibarium daily transactions, point to a price rebound for SHIB. Shibburn data shows that the Shiba Inu burn rate has skyrocketed by over 65,500% in the last 24 hours, with 2.6 million SHIB tokens burnt during this period.
This development comes amid the Shiba Inu team’s introduction of a new SHIB burning method through Shibarium. The WoofSwap team behind the decentralized exchange (DEX) on Shibarium explained that more SHIB will be burnt by minting a new token called FEED.
Meanwhile, Shibarium’s daily transactions are skyrocketing, which is bullish for the Shiba Inu price. Shibariumscan data shows daily transactions on the network are back in the millions, having ranged between 10,000 and 20,000 for most of this year. On October 24, Shiabrium recorded 4.77 million daily transactions, its highest this year.
At the time of writing, the Shiba Inu price is trading at around $0.000017, down over 1% in the last 24 hours, according to data from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com
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