Shiba Inu's profitability has reached a new 10-month high, as shown by recent data from IntoTheBlock. Now, 37% of holders are in profit, surpassing August's peak of 31.84%.
This surge aligns with the rise in SHIB's value, which climbed from $0.000007 to $0.00001 within a month, elevating profitability levels from 7.9% to 37%.
However, not all holders are reaping these benefits. Data reveals that 58.93% of wallets, totalling 770,480, are currently at a loss. Additionally, 3.98% of holders, about 52,990 addresses, are breaking even, holding tokens at prices close to their current value.
Year-to-date figures indicate a majority of investors are still facing losses. Of the total addresses, 73.94% are out of the money, while 21.73% are profitable, and 4.33% are at breakeven.
Image: TradingView
Amidst this profitability growth, SHIB faced resistance, including a flash crash that undercut its value above $0.00001.
Despite this, bullish trends persist, with crypto market recovery and volatility levels above 50%, hinting at potential price increases.
Large transactions from whales also surged over the weekend, indicating renewed interest and possible support for SHIB's price.
The recent surge in Shiba Inu's profitability, reaching a 10-month high, is a fascinating development in the volatile cryptocurrency market.
This spike reflects the dynamic nature of meme coins, which are often driven by market sentiment and social media influence rather than fundamental value.
While the increase in profitability is certainly good news for some investors, it's important to remember that a significant number of holders are still incurring losses, highlighting the high-risk nature of investing in such assets.
The involvement of 'whales', or large-scale investors, in this rally also raises questions about market manipulation and the sustainability of these price movements.
It's crucial for investors, especially those new to the crypto space, to approach Shiba Inu and similar cryptocurrencies with caution, being fully aware of their speculative nature and the potential for sudden, sharp market corrections.
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Huang BoShiba Inu's recent surge in Daily Active Addresses and the recovery in Shibarium transaction counts indicate a potential shift in momentum. The token's value, currently at $0.000009246, may see a reduction in zeros. While the percentage changes over 24 hours and seven days are slightly negative, the increased user activity and transaction counts signal optimism.
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Sanya
Bitcoinworld“I’m just a nonentity typing on a keyboard, I’m replaceable. I’m Ryoshi,” the Shiba Inucoin founder previously said.
Cointelegraph