Meme coin Shiba Inu (SHIB) is starting to regain some dominance on Twitter. According to Whale Rumors, Shiba was dominating conversations on Twitter with the #SHIB hashtag trending for nearly 48 hours. It’s not the first time Shiba Inu is dominating the conversation on social media. It’s in fact one of the meme coins that has earned a lot of publicity and coverage on these platforms. But can this recent surge in buzz lead to changes in the price action? Well, here are the fundamentals first:
After hitting monthly highs in late November, Shiba Inu (SHIB) has seen a consistent decline ever since.
We have however seen increasing whale accumulation in recent days that could trigger a rally
Analysts believe the coin could rally to $ 0.000047 by the end of December 2021
Data Source: Tradingview.com
Shiba Inu (SHIB) – price action and analysis
It seems like an eternity ago when SHIB managed to hit record highs of $ $0.00008870. But broader sentiment in crypto has declined significantly, and meme coins like Shiba and DOGE have been hit hard. At the time of reporting, SHIB was trading at $0.0000315 against the US dollar.
But despite this slump, SHIB is still ridiculously trading well above 60,000,000 percent year to date. But as with many meme coins, it can be argued that the upside for growth has already been reached. But SHIB has surprised us, at one point hitting a market cap of nearly $36 billion.
Should You Buy Shiba Inu (SHIB) Today?
Sentiment in crypto right now is very jittery. The market, in general, has endured periods of volatility in recent days, and meme coins like SHIB have taken massive hits. Until sentiment improves, SHIB could continue the downtrend in the near term. For this reason, it may be prudent to just wait a bit longer to see how the price action develops.