Shiba Inu (SHIB) recently cleared the $0.000012 resistance level in the crypto market as positive sentiments return to the ecosystem. Despite this development, only 10.62% of accounts are profitable, as the recent uptick has not impacted SHIB holders.
Only 10.62% of SHIB addresses in profit
IntoTheBlock data shows that 104.6 trillion SHIB, valued at $1.28 billion, are “in the money.” This signals that many SHIB holders are still not profiting at the current market price, as they bought the meme coin for much higher prices.
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Investors losing money are said to be “out of the money.” Currently, 85.50% of investors holding 842.2 trillion SHIB are in this category, and their assets are valued at $10.29 billion.
The remaining 3.88% of SHIB holders with 38.17 trillion SHIB valued at $466.55 million are “at the money.”
As of this writing, SHIB was changing hands at $0.00001222, a 1.75% increase in the last 24 hours. Investors of the dog-themed meme coin have also renewed their interest as the trading volume has registered a 5.20% uptick to $117.78 million within the same time frame.
This development signals hope for the meme coin as SHIB could ride on the current momentum to soar to new price levels. If this happens, it could pull more accounts into profit and reverse the current scenario.
Can whale movement and burn rate support recovery?
Interestingly, before breaching the $0.000012 level, SHIB whales were very active in the market. Their transactions rose by 173% as over 1.30 trillion SHIB were actively moved in 24 hours.
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If the whales sustain their momentum in the coming days, SHIB’s price will likely register a new rally.
Meanwhile, with Shiba Inu’s weekly burn rate resurging, a new community-driven circulation supply reduction could cause the price to soar in the coming days.
Source: https://u.today/shiba-inu-profitability-drops-to-unseen-lows-whats-next