Shiba Inu (SHIB) sentiment positive, bullish speculation.

Shiba Inu (SHIB) is a cryptocurrency that has become incredibly popular and gained a lot of attention in recent months. It is now making waves again as its price shows signs of recovery.

This week, the SHIB price has increased, maintaining a level above $0.0000065. On-chain data analysis also reveals a surge in positive social sentiment within the Shiba Inu community.

With these encouraging developments, investors and enthusiasts are wondering whether this could signal a forthcoming bullish reversal for SHIB. Is it time for the Shiba Inu token to regain its momentum and embark on a new upward trajectory?

Growing Optimism Among Shiba Inu Investors

After a volatile start to the month, investors in SHIB are beginning to feel more optimistic about the project’s prospects. This renewed optimism can be attributed in part to Santiment’s Weighted Sentiment, which assesses the overall mood of a blockchain community by comparing the number of positive comments to negative ones.

SHIB weighted sentiment. Source: Santiment

The positive sentiment is also due to intriguing updates from notable figures within the project.

Something physical is coming. #shib #shibarmy

— Shytoshi Kusama™ (@ShytoshiKusama) June 14, 2023

Shytoshi Kusama, a prominent Shiba Inu developer, generated excitement with a mysterious tweet teasing an upcoming product launch.

Soon after, Lucie Shib, another key contributor, affirmed the project’s vitality and commitment to development in a separate tweet.

We are building. We are not going anywhere. $SHIB x #Shiboshis

— 𝐋𝐔𝐂𝐈𝐄 (@LucieSHIB) June 15, 2023

Recent Price Movements And Social Sentiment

According to the latest data from CoinMarketCap, the current price of SHIB is $0.00000669, showcasing a 2.65% uptick within the past 24 hours. The meme coin gained 7.29% over the past seven days.

Source: CoinMarketCap

Examining on-chain data, it becomes evident that these critical announcements have had a positive impact on the social sentiment within the SHIB community.

The Weighted Sentiment metric for SHIB began to show an upward trend around June 9, and as of June 16, it sits at approximately -1.43. This indicates a notable 13% improvement in positive sentiment over the past week.

SHIB market cap currently at $4.07 billion on the weekend chart:

Possibility For A Bullish Reversal

When the Weighted Sentiment metric starts to rise during a period of price correction, it often signals the potential for a bullish reversal. Therefore, if the recent team announcement materializes into a well-received product launch, there is a possibility that the SHIB price could enter a phase of recovery in the near future.

This development has captured the attention of investors and could pave the way for an upward trajectory for the meme coin.

Featured image from The Daily Hodl