Shiba Inu popularity on social media platforms continues to spike as SHIB moves to recover from the recent market downturn.
Popular social intelligence platform LunarCrush reported a significant uptick in social media activity around meme-based tokens.
Shiba Inu Ranks Among Top Meme Coins With Most Social Mentions
According to LunarCrush, the development marks the first massive surge in social mentions that meme coins have experienced in a long time.
Notably, Shiba Inu emerged among the top assets with the most social mentions. Per the data, it ranked as the fourth meme-based cryptocurrency with the most social media mentions.
Its social mentions soared by 4,110, reaching a total of 9,820 over the past 24 hours. Despite the significant feat, Shiba Inu still ranked behind other top tokens, such as TRUMP, PEPE, and DOGE, whose social mentions rose to 11,580, 14,590, and 22,770 in the same time frame, respectively.
In contrast, Shiba Inu outperformed other assets such as PWEASE (6,650), BONK (5,490), GIGA (4,210), and FARTCOIN (3,980).
Significance of High Social Mentions
For context, the rise in social mentions indicates a growing interest in the particular asset among investors and enthusiasts. As these individuals comment on the asset, their opinions could influence its price action.
Positive commentary tends to boost investors’ confidence in the asset, attracting new users and potentially driving its price higher. However, negative remarks involving the asset could trigger sell pressure, leading to a price crash.
Mixed Reactions Trail SHIB Recent Performance
Shiba Inu community members have been expressing mixed reactions regarding SHIB’s performance.
Yesterday, Shiba Inu crashed below $0.000011 for the first time in a year amid Bitcoin’s dip to $76K. After falling to a 1-year low of $0.00001097, SHIB rebounded nicely above the $0.000011 price mark. At press time, the asset is trading at $0.00001193.
Expectedly, some investors took to social media to comment negatively about SHIB, given its recent dip. In contrast, most are convinced the asset will stage a major rally to lofty targets like $0.0001 before the end of the current market cycle.
Meanwhile, Shiba Inu’s social sentiment across other key metrics like engagement has also soared. According to data from LunarCrush, SHIB’s social engagement has increased by 95,170, bringing its daily total to 1.27 million. The token also rose to a Galaxy Score of 44, with an Alt rank of 57 out of 5,878 assets.
Shiba Inu social sentiment
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