Equivalent to Bitcoin, even the price of Shiba Inu recorded a slight increase of 3.53% over the past week. After the said increase, the 14th ranked crypto seemed to be moving in the right direction to knock another zero off its price. At the time of writing, the $5.07 billion market-backed asset has changed hands for $0.000009243.
Despite an improvement on the price front, community sentiment seemed to be tarnished. Data from analytics platform LunarCrush showed that Shiba Inu-associated social mentions were down 7.78% over the past 7 days. The number of social engagements, on the other hand, shrank by 8.81%.
The not-so-sophisticated sentiment was reflected in the state of network activity. According to data from ITB, the number of active addresses dropped by a whopping 60.81% over the past week. On the other hand, the number of new addresses joining the network recorded only a 1.42% increase.
Simply put, an address is considered active when it becomes a direct participant in a successful transaction. And new addresses as such measure the number of new entrants to the ecosystem. Conventionally, the higher both numbers, the better, as they indicate better participation from traders and investors. In fact, the continued downward trend of the former and the small rebound of the latter is not necessarily encouraging.
Nevertheless, Shiba Inu accumulation is on
Despite the established trends, market participants continue to collect Shiba Inu tokens. Just over the past 3 hours, buy transactions surpassed sell transactions by 40.3 billion SHIB tokens. The number stood at an elevated 73.84 billion in the 12 hour frame.
In addition, Shiba Inu also managed to attract the attention of whales. On Friday, the second largest meme token was part of the top 10 bought list of the 1000 largest Ethereum whales.