Over 29 Trillion Shiba Inu Regain Profitability as SHIB Sees 22% Growth

The count of profitable Shiba Inu (SHIB)  holders has risen lately as SHIB price skyrocketed dramatically in the last seven days in the wake of the increasing institutional adoption of Bitcoin (BTC) and crypto. The second-largest decentralized meme token has also recorded a substantial increase in its market capitalization, causing it to flip Avalanche (AVAX) on Coinmarketcap’s ranking.

This appreciation in the value of SHIB comes on the heels of the market-wide recovery triggered by a flurry of Bitcoin exchange-traded funds (ETFs) applications from top institutional firms including Black Rock, WisdomTree, and Invesco amongst other entities.

Accordingly, the Securities and Exchange Commission (SEC) has been left with no option but to allow for the launch of the first leveraged Bitcoin futures ETF in the United States, per an update. 

More than 29 trillion SHIB enters profit as SHIB price soars

According to data from the well-known analytic firm IntoTheBlock, numerous SHIB wallets have recorded profits following the 22% surge in the price of Shiba Inu in the past seven days. 

In particular, roughly 29 trillion SHIB have entered profits when comparing their buy prices with the prevailing price of SHIB at the time of writing. According to data retrieved from IntoTheBlock, Shiba Inu traders and investors who bought the canine-theme crypto asset between the $0.000007 and $0.000009 price range are those that have counted these said gains. 

Notably, more than 77,280 addresses bought Shiba Inu within the $0.000007 and $0.000009 price range, implying that these number of SHIB holders are now in profits. Zooming out, nearly 50% of the global number of profitable addresses (165,530) have made gains for buying Shiba Inu between $0.000007 and $0.000009 this week, according to IntoTheBlock data.

Beyond investors recording a cumulative profit of about $240 million, IntoTheBlock showed that the recent upswing in the price of SHIB has also propelled Shiba Inu to claim four positions on the ranking of the most significant crypto projects. In turn, this has increased interest in the meme token project, leading to record accumulations from different whale and low-budget wallets. 

SHIB price analysis

Given the recent impressive performance in the price of SHIB and the wider crypto market, some investors have been wondering about the extent to which the asset’s price can sprint in the short term. In response, a top analyst named SHIB Knight shared a bullish expectation for SHIB, highlighting key support and resistances. 

According to SHIB Knight, SHIB is showing upward momentum, indicating that the meme token has the potential to hit these targets if the momentum gains steam — $0.00000834, $0.00000852, and $0.00000882. The prominent Shiba Inu community member also highlighted support levels at $0.00000803, $0.00000794, and $0.00000781 for reference. 

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