Shiba Inu: Looking at SHIB’s DeFi, NFT front, shorting would be…

ambcrypto.com:

Shiba Inu has been trying to grow its ecosystem for quite some time now. There have been many ongoing developments in its metaverse and in the DeFi space.

However, despite the efforts, the Shiba Inu community has not been able to pull the SHIB token out of the depths of the bear market.

One of the reasons for Shiba Inu’s underperformance could be its declining social media presence. As Shiba Inu is a memecoin, its hype on social media plays a big role in impacting the price. 

Over the past month, Shiba Inu’s social engagements depreciated by 18.3%, and its social mentions have decreased by 11.7%. The sentiment around the Shiba Inu token hasn’t been all positive either, as can be seen from the image below. Barring a few spikes on the chart, the overall sentiment has been negative for the Shiba Inu token.

Source: Santiment

Also, Shiba Inu hasn’t been able to attract users to its DeFi effort, ShibaSwap. Even with the whales’ interest in the BONE token, ShibaSwap’s TVL has been on a decline for the past few weeks.

However, the Shiba Inu community’s NFT protocol, the Shibosis, has been doing relatively well. The NFT collection showed a 44% growth in its volume and has been showing growth in terms of its floor price and market cap, according to NFTGo’s analytics.

Source: DefiLama

Well, even though Shiba Inu has been showing potential in the NFT space, the growth hasn’t been enough to impact the token positively yet.

As can be seen from the image below, Shiba Inu’s volume and market cap have been on a decline. Its MVRV ratio has been in the red as well. Thus, indicating a very bearish future ahead for the memecoin.

Source: Santiment

In spite of not performing well in the market, Shiba Inu has been consistently garnering interest from