Meme cryptocurrency Shiba Inu (SHIB) is a strong performer in the short term, supported by overall positive market sentiment. It is currently among the best performing digital assets.
Prior to the current move, SHIB had displayed a sideways trading pattern in recent weeks as investors awaited a possible breakout amid major onchain developments aimed at further upside.
With the recent valuation increase, investors are also making profits. Specifically, according to data provided by Finbold on March 3, crypto- Data from on-chain analytics platform IntoTheBlock shows that 63% of existing SHIB holders made a profit, 32% made a loss, and only 5% broke even.
The breakdown of holders shows that 77% have held their SHIB for more than a year, 20% have held their SHIB for between one and 12 months, and the remaining 3% have held their SHIB for less than a year .
Shiba Inu Core Measurements on the Rise
The increase in SHIB’s price is in line with a significant rise in key indicators linked to the cryptocurrency’s ecosystem. Recently, apart from stablecoins, SHIB ranked as the third highest cryptocurrency in 24-hour trading volume with $4.2 billion.
These increases also indicate a significant increase in SHIB’s social interactions. According to data from LunarCrush, Shiba Inu social interactions increased by 1,520.6% in February, reaching an all-time high. This started a new wave of interest around meme cryptocurrencies.
Although SHIB is heavily influenced by overall market sentiment, other factors such as network development are also noted to influence its valuation.
In this context, excess token burning aims to bring more benefits to SHIB. Shiba Inu cremation tracker ShibburnData showing that 643,656,418 SHIB tokens were burned in 134 transactions in February show that this activity continues rapidly.
🔥🔥🔥 643,656,418 $SHIB tokens have been burned in the month of February with 134 transactions. #SHIB pic.twitter.com/F6ihbnd76o
— Shibburn (@shibburn) March 1, 2024
Shiba Inu developers are working to further expand the ecosystem after introducing a layer two scaling solution called Shibarium in 2023. Currently, Shiba Inu aims to add a new privacy-focused network to the Shibarium blockchain in order to increase the value of SHIB tokens.
SHIB Price Analysis
At press time, SHIB is trading at $0.000020, losing around 1% on the day. meme coin It rose by almost 120% on the weekly chart.
Moreover, the main focus for SHIB is to maintain current gains, although most investors face the possibility of a correction if they turn to profit-taking.
