Shiba Inu: Negative sentiments rise; trend reversal seems likely, here’s why

ambcrypto.com:

As the wait for the much-hyped Shiba Inu’s [SHIB] Shibarium launch continues, the market’s overall sentiment around SHIB seems to have taken a toll.

Santiment’s chart revealed that SHIB’s weighted sentiments shifted towards the negative side during the last two days, reflecting that the investors were hesitant to bet on SHIB. 

Source: Santiment

Read Shiba Inu’s [SHIB] Price Prediction 2023-24

SHIB’s performance on the price front was in the sellers’ favor, as its daily and weekly charts were red. According to CoinMarketCap, SHIB was down by over 2% in the last 24 hours.

At the time of writing, it was trading at $0.00001098 with a market capitalization of more than $6 billion. While the price dropped, SHIB ’s trading volume also registered a decline of 18% on 5 March. Thus, reflecting the dwindling interest of the community in the asset.

However, Shytoshi’s latest tweet gave hope for a change in the market sentiment. The tweet mentioned that the team received thousands of submissions to the Shibarium intake form.

He expects emails to go out for the submissions soon. This sparked excitement within the community and made the #Shibarium trend on Twitter. 

I expect emails to go out to most #Shibarians today. Have a great weekend and stay tuned.

— Shytoshi™ (@ShytoshiKusama) March 5, 2023

Despite bearish market conditions, SHIB ’s health seemed to be doing well in terms of network performance.

For instance, the total number of transactions per day on ShibaSwap has been on the rise, reflecting increased