Shiba Inu Coin (SHIB): Are bearish sings wearing off for SHIB?
The crypto market has been consolidating recently, and tokens like Shiba Inu have been feeling the impact. SHIB was valued at $0.00001051 at press time after a 2 percent daily decline in value and an 8 percent weekly drop.
The Shiba Inu community is making a lot of noise right now.
Over the last several days, Shiba Inu's sentiment-related measures have been improving. As can be seen in the graphs below, both social dominance and mentions have risen from where they were last week at this time.
According to LunarCrush, the latter has increased by 36.7 percent in the same era, while the former has increased by 45.79 percent. This simply implies that people are talking about Shiba more and more.
Improved social attitude typically helps to buffer the price since it indicates that market players are becoming more interested. However, before leaping to any conclusions, it's important to take a look and observe what kind of nonsense has been going on.
The positive mood linked with Shiba Inu has increased by 47 percent in the last week. Bearish social discussions, on the other hand, grew by 55% within the same time period. This simply signifies that the community is currently split.
Trader sentiment
At this indecisive moment, gauging trader attitude will aid us in deciphering what to expect from Shiba Inu.
At the time of publication, the 12-hour long: the short ratio was under one [at 0.93], suggesting that derivative traders had slightly more short positions open than long bets. The financing rate mirrored the same pessimistic outlook.
The rate was negative on certain exchanges, such as CoinEx and Bitget, while it was somewhat positive on others, such as Gate, FTX, Huobi, and others.
When zoomed out and studied, it can be observed that, while bearish sentiment exists, the intensity of the same has decreased, which is a good takeaway.
