Shiba Inu (SHIB) price has flashed some green signal this week as it hovered above the $0.0000065 range. Notably, on-chain data shows a positive uptrend in the social sentiment surrounding the Shiba Inu community. Is SHIB due for a bullish reversal?
On June 14, prominent Shiba Inu developer Shytoshi Kusama teased an upcoming product launch in a cryptic tweet. A day later, another key contributor “Lucie Shib” released a tweet stating that the memecoin project is alive and BUIDLing.
On-chain data shows that these critical announcements have positively impacted the social sentiment within the SHIB community. Here’s how it could trigger a bullish reversal.
Optimism is Growing Within the Shiba Inu Community
After a turbulent start to the month, Shiba Inu investors are growing optimistic again. Santiment’s Weighted Sentiment metric evaluates the mood of a particular blockchain community by comparing the number of positive comments about the project to the negative.
As shown below, SHIB Weighted Sentiment began to trend upward around June 9. As of June 16, it currently sits around -1.43. This represents a 13% positive improvement within the past week.
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Author: Ibrahim Ajibade
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