Shiba Inu (SHIB) has witnessed a notable increase in its profitability as its price rebounded from a significant dip, reclaiming a key price level. On-chain analytics data from IntoTheBlock offers intriguing insights into the profitability of SHIB holders, shedding light on the cryptocurrency’s recent performance.
Understanding Profitability Analysis
IntoTheBlock provides a comprehensive overview of a crypto asset’s profitability by categorizing addresses and tokens into distinct segments. Those profiting are described as “in the money,” those breaking even, are described as “at the money,” and those losing money, are described as “out of the money.”
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The classification is based on their positions at the current price. It is determined by calculating an address’s average cost, considering the weighted average price at which the tokens were initially acquired.
Despite the recent bear market, Shiba Inu addresses holding SHIB tokens have shown a notable improvement in profitability. At the peak of the recent sell-off, only 7% of addresses were profitable. However, this figure has since increased to 9%, indicating a recovery in SHIB’s value and the optimism of its holders.
SHIB’s Market Performance
Shiba Inu (SHIB) experienced its fair share of market turbulence, with a low point of $0.00000671 on October 11, losing the previously cherished $0.000007 level. Nevertheless, the cryptocurrency demonstrated resilience as buyers supported it at the $0.00000671 low. SHIB staged a gradual recovery, successfully reclaiming the $0.000007 threshold on October 14, 2023, reaching $0.000007061.
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However, SHIB has dipped below $0.000007 again, currently trading at $0.00000696, down 1.4% in 24 hours. Despite this drop, the bullish sentiment is high for SHIB, and traders will work hard to reclaim the $0.000007 level.
From there, Shiba Inu (SHIB) could head toward the $0.0000074 barrier, represented by the daily Moving Average 50 (MA 50). However, SHIB could drop to retest the $0.0000067 level with the return of bearish pressures.
Notably, SHIB’s burn strategy is ongoing, even amid market fluctuations. These consistent burns reduce token supply to aid the price growth. Shibburn.com shows a 48.55% increase in burn rate in the last 24 hours, with 30,580,950 SHIB tokens destroyed. A recent spike in burn rate caused a surge for SHIB, and another surge could drive up the number of profitable wallets.
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