Shiba Inu StockTwits Sentiment: Here’s What to Expect in Light of Shibarium Beta Launch
StockTwits is one of the most popular social media platforms focused on investment discourse, accumulating vast amounts of user data to produce useful investment insights. So what is Shiba Inu StockTwits sentiment saying about the future price movement of SHIB ahead of the next week’s launch of Shibarium, a promising layer 2 solution for the Shiba Inu coin?
Shiba Inu’s StockTwits sentiment, buzz level, and more
StockTwits tracks user-weighted data for thousands of stocks and digital assets. There are four primary categories into which the user data is sorted, which provide unique insight into community sentiment and how interest in a particular asset changes over time.
Sentiment Score
The Shiba Inu sentiment score, a measure of the sentiment present in StockTwits conversations, has been treading on the “Slightly Bearish” side in the past couple of weeks.
Interestingly, the Shiba Inu price has been showing quite robust performance in the same time period, gaining close to +10% in the past month, and over +46% in the past three months.
This points to the fact that the sentiment score is not strictly aligned with the price movement of the underlying asset.
Message Volume Score
The message volume score, which basically indicates the change in the number of messages mentioning a particular asset, has also been down for Shiba Inu in all short term-time periods.
However, there has been a “Slightly High” change in the monthly period. This could be due to the rise of the Shiba Inu price in the time period. Another reason could be the hype surrounding the launch of Shibarium.
Participation Rate
The participation rate metric can be particularly useful to gauge the amount of new users mentioning an asset on StockTwits. In other words, a high participation ratio number indicates there is a great diversity in accounts that are mentioning a crypto or traditional asset.
In this sense, Shiba Inu is crushing it. The participation ratio has been “Extremely High” in the 1-week and 1-month periods.
If this were to continue, Shiba Inu's price could go up in the future. Some users on StockTwits are even wondering if the Shiba Inu coin could reach major price points like 50 cents or 1 dollar.
This seems quite unlikely due to the combination of a high market cap and an extremely large circulating supply of nearly 550 trillion SHIB. However, given the fact that Shibarium could greatly accelerate the SHIB burn rate, those price targets could become more feasible going forward.
Buzz Level
Buzz Level is essentially an indication of an asset’s popularity in comparison to other assets in the same asset class. In the case of Shiba Inu, the Buz Level metric tells us how much SHIB is mentioned compared to other cryptocurrencies on StockTwits.
In this sense, Shiba Inu’s StockTwits performance leaves a lot to be desired as the metric shows “Low Activity” levels.
However, you have to keep in mind that Shiba Inu has to compete with much larger cryptocurrencies like Bitcoin and Ethereum, and the investors’ interest in those two over the past couple of weeks could lead to SHIB’s poor results.
Shibarium Beta to launch next week, the native BONE token exploded +15% after the announcement
According to a verified Twitter account behind the BoneShibaSwap token, it has been “confirmed” that the Shibarium Beta will be “released next week.”
The most #important topics for everyone!
— BoneShibaSwap (@BoneShiba) February 21, 2023
1. It has been confirmed that #Shibarium Beta will be released next week
2. Over a million #Shiba holders will buy $bone for very low fees and burn $Shib with every transaction.
3. You will need #bone for everything in the #shib ecosystem
In addition, a popular cryptocurrency YouTuber “YourPOP,” stated that the launch of Shibarium Beta had been confirmed by none other than Shiba Inu’s leading developer Shytoshi Kusama.
Following the announcement of Shibarium Beta, the price of BONE, the governance token of the upcoming layer 2 solution, jumped by over +15%.
Meanwhile, the price of Shiba Inu remained largely unchanged and dropped by roughly -3% in the last 24 hours.
Bone ShibaSwap and Shiba Inu price predictions: A tale of two coins
Our price prediction algorithm projects the price of Bone ShibaSwap to gain 15% in the next month and to trade at $2.24 in late March. In fact, the BONE token could surge even higher over the coming weeks, reaching a price point of $3.50 before retracing to the $2 range.
Meanwhile, the price of Shiba Inu is forecasted to trend lower in the next month, bottoming out at $0.00001157. This would mean SHIB would lose about -11% of its value in the time period between today and March 24th.
Keep in mind that these price predictions are generated using the state of technical indicators as of the time of writing, and could considerably change in the future.
The bottom line - Shiba Inu StockTwits users show little enthusiasm
Shiba Inu StockTwits users have had a lukewarm response to the latest news about Shibarium, with the sentiment barely changing following the beta launch announcement earlier today.
While the price of Shiba Inu has been largely unaffected in the last 24 hours, Bone ShibaSwap has been trending in a positive direction, gaining over 15%. The rally could continue in the coming weeks, according to the BONE price prediction algorithm.
In the long term, Shibarium could be one of the catalysts that helps Shiba Inu reach 1 cent. The reason for this is simple – each Shibarium transaction will burn SHIB, which is expected to introduce significant deflationary pressure to the price of the meme coin.
