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Shiba Inu (SHIB) is enduring a wave of FUD, with data showing rising whale dominance and declining social media interest. Despite the negativity, some analysts see a potential recovery if Bitcoin rebounds.
SHIB Facing 'Tremendous' FUD
The Shiba Inu meme is reportedly going through "tremendous" amounts of FUD right now, according to a new research from analytics platform Santiment.
The rationale behind this is that the proportion of tokens held by wallets holding less than one billion tokens (about $13,000 as of press time) has hit a level not seen since November 2022. There is a great deal of centralization because large SHIB whales dominate most shares.
Retail Investors Pull Back from SHIB
Not only that, but U.Today also claims that social media interest in SHIB is falling sharply. Very few people have talked about the Dogecoin competitor on social media in the last 30 days. The aforementioned flight of retail investors from the cryptocurrency makes this move logical.
When compared to other meme cryptocurrencies, SHIB is trading at a fraction of the volume. To be more specific, it has fallen behind Litecoin (LTC), a cryptocurrency that debuted in 2011 and is now mostly forgotten.
Bitcoin Recovery Could Aid SHIB
Santiment, on the other hand, thinks the SHIB token might start doing "relatively well" once Bitcoin starts to recover again. Because of its long-term returns of approximately -32%, SHIB has been called "a worse-performing Dogecoin."
According to Santiment, Dogecoin is not showing any symptoms of fear of missing out. Retail investors, however, are still "indecisive" over how to allocate their meme coin holdings. Dogecoin sentiment is reportedly at "break-even" at the moment, according to the business.
