Shiba Inu On-Chain Indicators Show Bullishness for SHIB

As Bitcoin and altcoins wavered due to the US Consumer Price Index (CPI), traders have shifted their attention towards meme coins. According to data from crypto intelligence tracker Santiment, three key on-chain indicators for Shiba Inu—daily active addresses, social dominance, and social volume—suggest further upward momentum for SHIB price.

Since August 7th, the increasing number of active addresses in the SHIB network has provided fuel for the argument of a long-term rise in meme coins. Meanwhile, social engagement and trading volume are indicators of the relevance of meme coins and the interest generated among traders in the ecosystem. Both of these indicators have been trending upwards since the beginning of this week.

Surge in Shiba Inu's Social Volume, Source: Santiment.

Compared to other altcoins and meme coins, Shiba Inu's social volume shows one of the highest peaks within a 7-day timeframe. Similarly, daily active addresses and social dominance have also seen an increase as shown in the graph below.

Shiba Inu Daily Active Addresses, Social Dominance, and Price, Source: Santiment.

Shiba Inu's price has risen by 15.3% this week

With the release of key macroeconomic data such as the US inflation figures for July and confirmation of the US Securities and Exchange Commission seeking an appeal in the Ripple XRP token ruling, meme coin prices have brought double-digit gains for holders. As of writing this article, Shiba Inu has increased from $0.00000876 on Monday to $0.00001011.

Shib Price Trend Chart, Source: TradingView.

However, the bullish trend is still hesitant and has not directly broken the previous high of $0.00001052. Instead, it has employed a probing strategy to gradually exhaust the selling pressure from bears. Patience is required in this situation, as impatience can easily lead to being washed out.