Based on data from IntoTheBlock, Shiba Inu’s profitability has seen a modest uptick as the SHIB price returns to a pivotal level.
IntoTheBlock, an on-chain analytics platform, categorizes addresses and tokens to provide a comprehensive view of the profitability of a specific cryptocurrency. These classifications are based on whether users are currently making a profit (in the money), breaking even (at the money), or experiencing losses (out of the money) on their holdings at the prevailing price. This is determined by calculating an address’s average cost, considering the weighted average price at which the tokens were acquired.
Regarding Shiba Inu, the percentage of addresses in profit has risen from 7% during the recent market downturn to the current level of 9%.
During the past week, the broader cryptocurrency markets experienced a sell-off, with Shiba Inu also feeling the impact. It dropped to a low of $0.00000671 on October 11, briefly losing the critically important $0.000007 level to bearish pressure.
However, there was a glimmer of hope as buyers stepped in at the $0.00000671 low, leading to a gradual Shiba Inu price recovery, ultimately reclaiming the $0.000007 threshold.
Since October 11, Shiba Inu has recorded three consecutive days of price gains, reaching a peak of $0.00000711 on October 14. At the time of this report, SHIB continued to maintain these gains, showing a 1.04% increase in the past 24 hours, with a price of $0.000007.
Bulls are currently striving to sustain the $0.000007 level, and if successful, the next target for SHIB could be the $0.0000074 resistance at the daily Moving Average (MA) 50. Conversely, if bearish pressure returns, SHIB might undergo a retest of the $0.0000067 level.
In the meantime, Shiba Inu continues its token burn activities at a consistent pace. According to Shibburn, over the last 24 hours, a total of 13,339,085 SHIB tokens were burned across 23 transactions. In the past seven days, a total of 278,909,750 SHIB tokens were burned through 159 transactions.