MetaMask confirms that interest in Shiba Inu among market participants remain high despite the ongoing consolidation phase.
After rising over 98% from about $0.00001687 to highs around $0.00003343 after the U.S. election, Shiba Inu’s (SHIB) rally appears to be stalling.
Last week, for example, the popular doggy-themed meme coin declined by over 15% from an opening price of $0.00003219 to close at about $0.00002788. Despite this lackluster price showing, interest in the token remains significantly high, at least according to a recent MetaMask ranking.
Shiba Inu (SHIB) Swaps Remain High
SHIB was among the most swapped tokens by MetaMask users last week. According to the popular Ethereum wallet, it was the fifth most swapped token on the platform during the period in question.
Other tokens in the top five rankings were Pepe Unchained (PEPU), Pepe (PEPE), Baby Doge (BabyDoge), and HEX (HEX), in first, second, third, and fourth place, respectively.
Happy Friday, Degens 🦊 You know what time it is.
Here’s what you’ve been swapping this past week: $PEPU (@pepe_unchained)$PEPE (@pepecoineth)
$BABYDOGE (@BabyDogeCoin) $HEX (@HEXcrypto)$SHIB (@Shibtoken) pic.twitter.com/WxXWmXna0Z— MetaMask 🦊🫰 (@MetaMask) December 13, 2024
SHIB’s appearance in the ranking highlights high interest among traders. The metric holds even more weight, considering MetaMask’s large customer base. The wallet is widely regarded as the most used Ethereum wallet, with over 30 million monthly users.
Interestingly, with the latest development, SHIB has now appeared in the MetaMask ranking for three consecutive weeks.
A Potential High Return Play?
The sustained interest in SHIB despite recent price slumps comes as some investors may see the asset as a potential high-return play.
That’s because despite SHIB’s impressive November 2024 rally, it still significantly underperformed meme coin market leader Dogecoin (DOGE). Specifically, while SHIB rose up to 98% after the election, DOGE surged 220%, suggesting the former may even have more latent bullish potential.
Amid these speculations, one market commentator has recently suggested that SHIB is at a critical point, testing the upper bounds of a years-long downtrend.
According to the analyst, the meme coin could kick off a 150% rally or decline from here, depending on whether or not the resistance holds. At the time of writing, the token exchanges hands for about $0.00002689.
