SHIB News: Recovery Journey Underway, But Major Gains Still a Distance Away
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Shiba Inu’s Recovery Journey and Potential Gains
The Shiba Inu (SHIB) ecosystem has kickstarted its recovery journey after a challenging month of February. Over the past 24 hours, SHIB saw an uptick of 2.23% and was trading at $0.00001477 at the time of writing. However, the asset recorded a massive downtrend of 22% throughout the past month, pushing it further away from its all-time high of $0.00008845. Currently, SHIB is 83% below this peak. While some investors are rushing to sell due to the downtrend, others may consider buying the dip.
Millions of SHIB Gone, Shiba Inu Burn Rate Skyrockets
The Shiba Inu ecosystem incinerated nearly 31 million SHIB tokens in just 24 hours yesterday, sending the daily burn rate skyrocketing over 1,300%. Data reveals that 30,156,987 SHIB were burned in the past 24 hours, while the past seven days saw 142,062,714 SHIB removed. The process of burning tokens reduces the overall supply, potentially increasing its scarcity and, theoretically, its value.
Shiba Inu Investors Show Confidence as Holding Time Soars Amid Market Downturn
Leading meme asset Shiba Inu is witnessing a notable shift in investor behavior. The Shiba Inu holders are increasing their average holding time, signaling confidence in the asset’s long-term potential. On-chain data has revealed a spike in the holding time of all SHIB coins transacted in the past seven days, soaring by 31% during that period. This indicates that investors are choosing to hold their coins rather than sell, suggesting confidence in the asset’s future value.
Shiba Inu (SHIB) Price Prediction for February 27
The recent performance of Shiba Inu (SHIB) shows a modest recovery with a 0.62% gain over the past 24 hours, bringing the price to $0.00001452. Technical charts indicate strong support near the $0.00001350 level, crucial for any rebound. The key resistance area is between $0.000014. market remains volatile, influenced by technical factors and broader sentiment.
