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Shiba Inu has suddenly flipped negative despite showing signs of a potential rally early on. However, its network activity suggests sentiments are still positive.
Apart from its strong network performance, which is evident in its substantial increases in daily burn rate, the leading meme asset has also seen repeated price rallies, which has further fueled demand from investors.
While the overall market performance remains pretty weak compared to early 2025 levels, Shiba Inu has seen sentiment flip mildly positive in March, suggesting that it may be on track to end its long streak of steady monthly losses.
Shiba Inu set to end seven-month loss streak
Since its emergence in mid-2021, Shiba Inu has experienced seven months of sustained volatility for the first time, setting a record for the longest monthly losing streak in history.
Although overall sentiment has remained weak as Shiba Inu is currently trading in the red zone, the multiple price resurgences seen this month have been able to outweigh its weak moments.
As of March 26, Shiba Inu has projected a positive monthly return, showing a price increase of 2.8% compared to the beginning of March, according to data from CryptoRank.
Shiba Inu sees growing network strength
On Thursday, March 26, data from Shibburn — a blockchain monitoring platform that tracks all of $SHIB’s deflationary activities — reveals that 23,805,300 $SHIB has been burnt within the last 24 hours.
This marks a massive increase of 1,086% in the Shiba Inu burn rate over the last day, one of the largest burn activities seen recently.
Nonetheless, the massive surge in the Shiba Inu burn metric has coincided with a sudden drop in the trading price of $SHIB, stirring concerns among investors.
Although Shiba Inu’s current price action is weak, the market expects that its strong network activity could drive momentum strong enough to sustain the overall monthly performance to retain a positive balance by the end of the month.
This way, Shiba Inu would eventually break its seven months of steady monthly declines.