Despite the recent meme coin hype, Shiba Inu’s social engagements have maintained their resilience. As stated by Lunar Crush, SHIB has fared well in terms of both social and market performance.
In a tweet, the analytics platform revealed Shiba Inu to be the “Coin of the Day” for May 14, 2023.
Upon further analysis, it can be seen that the SHIB has a Galaxy Score of 45/100. The asset’s price score, social effect ranking over the previous 24 hours, average sentiment, and correlation rank are taken into account while calculating the LunarCrush Galaxy Score.
Additionally, Shiba Inu secured a rank of 434 on LunarCrush’s AltRank out of 4389 mainstream assets evaluated in the past 24 hours.
The LunarCrush AltRank considers a token’s social activity within its community comparable to other mainstream assets.
Not long ago, the prominent social intelligence platform announced the addition of Shiba Inu for trading. The move came after the token’s total social engagement hit 1.15 billion in the past month.
In terms of price, the 15th-ranked memecoin displayed mild recovery. After falling by over 30% in May, Shiba Inu’s price gained 8% last week and is still up by 2% in the past 24 hours at $0.000008875.
Last week, SHIB’s on-chain data showed some promising signals fueling optimism that the PEPE frenzy is gradually dying down.
Long-term investors in the Shiba Inu network now seem to be regaining confidence after a surge of big sell-offs in the first week of May.
Shiba Inu’s Bullish Price Prospects
According to data, SHIB’s age consumed decreased by 65% from 160.55 trillion on May 8 to 55.91 trillion by May 11 end.
Age consumed is metric that measures the total number of days since each traded coin was last moved between addresses.
A decline in the indicator suggests that long-term holders are keeping their tokens longer. If it keeps falling, it can result in a considerable reduction in selling pressure and further price increases.
Shiba Inu fans have another reason to cheer as Twitter’s soon-to-be CEO Linda Yaccarino is observed to be following the official Shiba Inu Twitter account.
Yaccarino, who previously chaired NBCUniversal, a media conglomerate will reportedly join Twitter in the next five weeks.