As Shiba Inu adoption skyrockets, the memecoin and the entire Shiba Inu ecosystem are being recognized for their development over the years. According to a recent study shared by one of the main operators in the sector, the Shiba Inu has evolved significantly over the years.
Shiba Inu is not just a memecoin
As evidenced by Certik, a leading blockchain security firm, Shiba Inu is not just a memecoin. The blockchain firm said Shiba Inu has managed to transform itself into a decentralized ecosystem. Certik wrote in his latest scoop on the project.
Shiba Inu is a memecoin that has transformed into its own decentralized ecosystem. ShibaSwap is a DEX for Shiba Inu, designed as a single exchange platform for the Shiba Inu community.
In particular, the Shiba Inu has been recognized for its remarkable level of confidence. According to Certik's safety check, the Shiba Inu's safety score currently stands at 94,31. This puts it above a significant number of projects and places it in the top 5%, out of a handful of projects previously evaluated by the blockchain security firm.
The Security Score details also revealed that Governance Strength, Market Stability, Community Trust, Fundamental Health, Code Security, and Operational Resilience all exceeded 90% in the past 7 days.
The general sentiment of the market and society is fair for Shiba Inu, despite the ongoing bloodbath.
It is worth noting that the sentiment from the market and different social media platforms is largely unobtrusive for memecoins. This is especially commendable, considering the recent collapse in cryptocurrency prices on the market.
Sentiment could improve in the near term
Since March's Certik price analysis, the Shiba Inu has seen a significant level of bear push as selling pressure has increased in recent months. According to our data, the Shiba Inu has decreased in value by almost 7% in the last 10 days.
As reflected in the current market prices, the memecoin moved from $0,00001158 on April 15 to $0,00001067 on April 21, at the end of the week.
While price performance has been disappointing, data from the blockchain security firm shows sentiment towards the memecoin is still positive. Certik Social Analysis presented a Social Sentiment Index score of 84/100, which is considered to be very positive. On the other hand, market sentiment has been neutral over the past 7 days, with a score of 57/100.
Sentiment may improve in the near term as Shiba Inu, along with other altcoins, are trying to rally. At the time of writing this report, the Shiba Inu has made a minor reversal to the upside, with a press time price of $0,00001049, following a surge in 24-hour gains.