Shiba Inu Rebounds on Improving Sentiment and Derivatives Metrics

Shiba Inu (SHIB) is attempting a modest recovery after finding support around the critical $0.0000043 level earlier this week.

The dog-themed meme coin trades above $0.0000044 at the time of writing, supported by improving social and derivatives indicators.

Rising Social Dominance, a long-to-short ratio above one, and positive funding rates suggest traders are becoming more optimistic about SHIB's near-term prospects.

Santiment's Social Dominance indicator points to renewed interest in Shiba Inu. The metric measures the percentage of cryptocurrency-related conversations focused on SHIB across social media and other digital platforms.