Shiba

2024

LunarCrush

Shiba Inu

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 <p class="paragraph">Backed by generally positive market sentiments, meme cryptocurrency Shiba Inu (SHIB) is demonstrating strength in the short term, propelling the token to shed a zero as it continues to rank among the best-performing digital assets at the moment.</p>
 <p class="paragraph">Before the current movement, SHIB had exhibited a sideways trading pattern in recent weeks as investors awaited a possible breakout amid notable onchain developments aimed at giving the coin more utility.&nbsp;</p>
 <p class="paragraph">With the recent uptick in SHIB’s valuations, investors are also reaping profits. Notably, data obtained by Finbold on March 3 from the crypto on-chain <a rel="noopener noreferrer nofollow" title="Category Analysis" href="https://thebittimes.com/analysis.html">Analysis</a> platform <em>IntoTheBlock </em>revealed that 63% of current SHIB holders are making money, with 32% recording losses, while only 5% have broken even.</p>
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    </path> <path d="M15.996 18.6668L20.4626 14.2815C20.738 14.0166 20.9571 13.6989 21.1068 13.3473C21.2564 12.9957 21.3336 12.6176 21.3336 12.2355C21.3336 11.8534 21.2564 11.4752 21.1068 11.1236C20.9571 10.7721 20.738 10.4543 20.4626 10.1895C19.9074 9.64148 19.1587 9.33422 18.3786 9.33422C17.5985 9.33422 16.8498 9.64148 16.2946 10.1895L15.996 10.4801L15.6973 10.1881C15.1423 9.64023 14.3938 9.33301 13.614 9.33301C12.8341 9.33301 12.0856 9.64023 11.5306 10.1881C11.2552 10.453 11.0361 10.7707 10.8865 11.1223C10.7368 11.4739 10.6597 11.852 10.6597 12.2341C10.6597 12.6162 10.7368 12.9944 10.8865 13.346C11.0361 13.6975 11.2552 14.0153 11.5306 14.2801L15.996 18.6668Z" fill="#EF4444"> 
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 <figure class="wp-block-image aligncenter size-full"><img decoding="async" width="249" height="173" src="https://cdn.thebittimes.com/images/2024/03/03/ffbf7df37d144df0492880786b0ea041.webp" alt class="wp-image-158370">
  <figcaption class="wp-element-caption"><em>SHIB holders making money at current price. Source: IntoTheBlock</em>
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 <p class="paragraph">A breakdown of the holders indicates that 77% have held their SHIB for over a year, 20% have held SHIB between one and 12 months, and the remaining 3% have held SHIB for less than a year.</p>
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  <figcaption class="wp-element-caption"><em>SHIB holders’ composition over time. Source: IntoTheBlock</em>
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 <h2 class="wp-block-heading" id="h-shib-s-key-metrics-on-the-rise-nbsp">SHIB’s key metrics on the rise&nbsp;</h2>
 <p class="paragraph">The surge in SHIB’s price aligns with a notable rise in key metrics associated with the coin’s ecosystem. For instance, by press time, besides stablecoins, SHIB was the third highest cryptocurrency in trading volume, with the 24-hour figure at $4.2 billion.&nbsp;</p>
 <p class="paragraph">The gains have also coincided with a period when SHIB is witnessing increased social interactions with data by <em>LunarCrush</em> revealing that in February, Shiba Inu’s social interactions reached an all-time high, rising by +1,520.6%, helping launch a new frenzy around meme cryptocurrencies.</p>
 <p class="paragraph">It’s worth noting that although SHIB is currently significantly influenced by overall market sentiment, other elements, such as ongoing network development, are also touted to impact its valuations.&nbsp;</p>
 <p class="paragraph">In this line, excess token burning remains a crucial element seeking to give SHIB more utility. The activity has continued to accelerate, with data from Shiba Inu burn tracker <em>Shibburn </em>indicating that 643,656,418 SHIB tokens were burned from 134 transactions in February.</p>
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    <p lang="en" dir="ltr">643,656,418 $SHIB tokens have been burned in the month of February with 134 transactions. #SHIB pic.twitter.com/F6ihbnd76o</p>— Shibburn (@shibburn) March 1, 2024
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 <p class="paragraph">At the same time, after unveiling the layer two scaling solution, Shibarium, in 2023, Shiba Inu developers are increasingly focusing on enhancing the ecosystem with new products. Currently, Shiba Inu plans to introduce a new privacy-focused network on top of the Shibarium blockchain to boost the value proposition of SHIB tokens.&nbsp;</p>
 <h2 class="wp-block-heading" id="h-shib-price-analysis">SHIB price analysis</h2>
 <p class="paragraph">By press time, SHIB was trading at $0.000020 with daily losses of about 1%. The meme coin has rallied by almost 120% on the weekly chart.</p>
 <figure class="wp-block-image aligncenter size-large"><img loading="lazy" decoding="async" width="1024" height="683" src="https://cdn.thebittimes.com/images/2024/03/03/506826ec81fb045467aa7df4009feaeb.webp" alt class="wp-image-158372" srcset="https://cdn.thebittimes.com/images/2024/03/03/506826ec81fb045467aa7df4009feaeb.webp 1024w, https://cdn.thebittimes.com/images/2024/03/03/506826ec81fb045467aa7df4009feaeb.webp 300w, https://cdn.thebittimes.com/images/2024/03/03/506826ec81fb045467aa7df4009feaeb.webp 768w, https://cdn.thebittimes.com/images/2024/03/03/506826ec81fb045467aa7df4009feaeb.webp 1200w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption"><em>SHIB seven-day price chart. Source: Finbold</em>
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 <p class="paragraph">In the meantime, the main focus for SHIB will be to sustain the current gains, although it faces threats of correction if most investors turn to profit-taking.</p>
 <p class="paragraph"><strong><em>Disclaimer: </em></strong><em>The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.&nbsp;</em></p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/a-bullish-signal-for-shib-holders-accumulate-huge-profit-tbt81473.html">https://thebittimes.com/a-bullish-signal-for-shib-holders-accumulate-huge-profit-tbt81473.html</a></p>

A bullish signal for SHIB: Holders accumulate huge profit

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TheBitTimes

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