Enthusiasts of Shiba Inu (SHIB) are optimistic about the potential rise of the coin as indicated by LunarCrush, a social intelligence platform, recognizing bullish signals.

Reasons Behind Imminent Increase in Shiba Inu

The increase in social activity related to SHIB shows growing interest and engagement on various social media platforms. This rise in interaction often precedes positive price movements, suggesting a growing audience for SHIB.

Furthermore, the uptick in SHIB's price indicates higher buying pressure and increased investor confidence in the token. This positive price momentum is encouraging for current SHIB holders and potential investors.

Additionally, the increase in trading volume for SHIB signals higher trading activity and liquidity. A surge in trading volume usually corresponds to price trends moving upwards, signifying increased participation from traders and investors.

Moreover, SHIB has significantly improved its AltRank on LunarCrush, climbing to the second position from its previous rank of 98th. This enhancement in AltRank reflects positive sentiment and market dynamics surrounding SHIB, potentially attracting more attention and investment.

Despite a decline in certain social metrics like interactions and posts, SHIB has experienced a rise in social sentiment. Though the number of interactions may have slightly decreased, the overall sentiment towards SHIB remains positive, indicating strong community support.

The official SHIB account further validates these positive signs by endorsing them. This recognition of increased social activity and the strength of the SHIB community emphasizes confidence in the token's growth potential.

Possibility of a Turnaround

Recent market activities, such as the accumulation of tokens in new wallets and recognition from exchanges like WazirX, reinforce the optimistic outlook for SHIB. While SHIB faced losses during a broader market correction, its current performance shows resilience and potential for a turnaround.

Despite encountering strong downward pressure and struggling to recover during a correction phase, SHIB's price couldn't sustain a rally above $0.000010 after briefly breaking a long-term resistance trendline.

A double bottom formation disrupted the pattern of lower highs; however, sellers continue to be active. The future direction depends on whether SHIB can surpass $0.00001195 for a possible rise to $0.00002026 in 2024 or see a drop to $0.0000075. Despite risks, the overall perspective for SHIB remains positive.

Shiba Inu has emerged as an explosive investment asset in history. While reaching $0.01 per token may seem unlikely, it is not entirely out of the question.