Shiba Inu (SHIB) Gains Momentum as Investors Profit
Shiba Inu (SHIB), the meme cryptocurrency, is experiencing a surge in strength and performance in the short term. The recent positive market sentiments have propelled SHIB to shed a zero and become one of the best-performing digital assets currently.
Before this movement, SHIB had been trading sideways for weeks as investors anticipated a potential breakout. However, notable on-chain developments aimed at increasing the coin’s utility sparked renewed interest.
Profitable Investment for SHIB Holders
An analysis conducted by IntoTheBlock revealed that 63% of current SHIB holders are making profits, while only 32% have experienced losses. Additionally, 5% have broken even. Here’s a breakdown of the holders:
- 77% have held SHIB for over a year
- 20% have held SHIB between one and 12 months
- The remaining 3% have held SHIB for less than a year
Key Metrics on the Rise for SHIB
The surge in SHIB’s price aligns with an increase in key metrics associated with its ecosystem. Currently, besides stablecoins, SHIB ranks as the third highest cryptocurrency in terms of trading volume, with $4.2 billion traded in the past 24 hours.
In addition, social interactions related to SHIB reached an all-time high in February, rising by +1,520.6%. This surge in social activity has contributed to the growing popularity of meme cryptocurrencies.
While overall market sentiment influences SHIB’s price significantly, other factors such as network development also play a role. Token burning has been an essential element aimed at giving SHIB more utility. In February, 643,656,418 SHIB tokens were burned through 134 transactions.
Moreover, Shiba Inu developers are focusing on enhancing the ecosystem with new products. They plan to introduce a privacy-focused network on top of the Shibarium blockchain to increase the value proposition of SHIB tokens.
SHIB Price Analysis
Currently, SHIB is trading at $0.000020 with daily losses of approximately 1%. However, the meme coin has rallied by almost 120% on the weekly chart.
Moving forward, the primary goal for SHIB will be to sustain its current gains. However, there is a risk of correction if many investors decide to take profits.
Hot Take: SHIB’s Strength Continues
The recent surge in the value and performance of Shiba Inu (SHIB) demonstrates its strength in the market. With positive market sentiments and notable on-chain developments, SHIB has shed a zero and emerged as one of the best-performing digital assets.
The profitability for current SHIB holders is encouraging, with 63% making profits. This showcases the potential for returns in this investment.
Key metrics associated with SHIB’s ecosystem are also on the rise. Its trading volume ranks third among cryptocurrencies, and social interactions have reached an all-time high.
To further enhance its value proposition, Shiba Inu developers are working on network development and introducing a privacy-focused network. These efforts aim to increase the utility and attractiveness of SHIB tokens.
While there may be fluctuations in its price, sustaining current gains will be crucial for SHIB’s future performance. Profit-taking by investors poses a potential threat that could lead to corrections.
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