Shiba Inu investors have turned bearish amid a wave of sell-offs, which have halted the meme coin’s rally beyond the $0.000018 price level. On-chain analytics platform Santiment has provided insights into why this bearish sentiment could be positive for the Shiba Inu ecosystem. 

Shiba Inu Investors Turn Bearish Amid Selloffs

Shiba Inu investors have turned bearish amid the wave of sell-offs in the crypto market. The broader crypto market has corrected, led by the Bitcoin price, causing SHIB to tumble. IntoTheBlock data highlighted the wave of selloffs in the Shiba Inu ecosystem, as large transactions for the meme coin are currently bearish, indicating whales are selling off their coins.

In an X post, Santiment also highlighted the bearish sentiment towards SHIB as the crowd’s optimism turned to doubt about any more upside moves. However, the on-chain analytics platform suggested this could be a good thing, noting that Shiba Inu is one of the largest coins showing the “best upside” based on buying into the crowd FUD. 

The platform explained that the crypto market still remains a speculative sector, even for the largest coins by market cap. As such, the markets typically move in the opposite direction of the crowd’s expectation. This means that the bearish sentiment among Shiba Inu investors can lead to “rewarding results” for those willing to buy the dip amid the crowd’s selloffs. 

Santimet mentioned earlier that these coins always experience significant rallies when market participants are bearish. Therefore, amid these massive selloffs, SHIB could experience a price surge that will melt faces, leaving the bears in disbelief. 

The on-chain analytics platform also mentioned other top coins like Bitcoin, Dogecoin, Chainlink, XRP, and PEPE as showing the best upside based on how investors are buying the

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Author: Scott Matherson