While one of the leading meme coins, Shiba Inu (SHIB), remains popular on social media, on-chain data points out that its fuel tank may be running low.
While social metrics peaked at SHIB, market cap data shows no sustained growth. SHIB trading volume on leading crypto-asset trading platform Binance reached 11 trillion tokens, while it remained close to 200 trillion last week when the price hit a local high.
The high social volume in SHIB may mean that investors are still interested in the potential of SHIB, but have not yet considered supporting this interest with their wallets. The leading meme coin was previously mentioned more on social media than the industry leaders Bitcoin, Ethereum and Dogecoin.
SHIB experienced a massive 309% price increase in two weeks. Meme coin is trading at $0.00002878 as of publication time.
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