Dogecoin (DOGE) rival Shiba Inu (SHIB) might be performing poorly as of late, but the memecoin can still have a positive future, according to crypto analytics firm Santiment.
Santiment says that the Shiba Inu network is suddenly seeing a massive increase in activity, indicating a possible incoming move to the upside.
“Shiba Inu has seen a big rise in new daily addresses created, consistently over 2,500 per day in the past couple of weeks. Despite the underwhelming price performance, our latest insight covers why there’s promise behind one of 2021’s favorites.”
Source: Santiment/Twitter
According to Santiment, SHIB ranked among the top tokens on Wednesday based on the amount of transaction fees.
Other promising indicators for SHIB include token holders largely underwater and a decreasing supply on crypto exchanges.
Says Santiment,
“A closer look at the underlying trends suggests there might be a positive spin to this development for Shiba Inu. The drivers include network growt
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