The cryptocurrency analysis company Santiment analyzed Shiba Inu ($SHIB) tokens, which have recently shown significantly increased volatility. According to the company's data, the price of $SHIB rose by 37 percent over two days, but quickly lost part of the gains.
Santiment reported that social media interest in Shiba Inu tokens also increased significantly during the rally. The share of $SHIB in social media reached 0.084%, the highest level since April 2nd. However, the company noted that investor interest peaked during the period when the price momentum began to weaken.
Blockchain data also suggests that large investors may have viewed the rise as a selling opportunity. In a single day, 52 large transactions were made in $SHIB, which is the highest daily figure since March 31st.
According to Santiment, the increase in the number of large transactions indicates that major investors may have reduced their positions in $SHIB, locking in profits as the price rose. In contrast, individual investors are believed to have entered the market later.
The company stated that the surge in social media interest following the sharp price increase suggests that small investors bought the tokens, succumbing to the FOMO (Fear Of Missing Out) effect as the price approached its peak. This could have provided large investors with the necessary liquidity to reduce their positions.
*This is not investment advice.
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