- Shiba Inu breaks the $0.000012 resistance, sparking optimism despite 85% of holders still facing losses.
- Whale activity surges by 173%, with over 1.3 trillion SHIB moved in 24 hours, hinting at growing institutional interest.
- Rising burn rate and increased trading volume fuel hopes for a sustained SHIB rally and a shift in holder profitability.
Market sentiment has started shifting positively as Shiba Inu (SHIB) recently breached the $0.000012 resistance level. However, although SHIB did rise upward, the majority of SHIB holders are still in the red.
According to on-chain analytics platform IntoTheBlock, a combined amount of just 10.62% of SHIB addresses are currently profitable. In other words, this is equivalent to being roughly 104.6 trillion SHIB, or about $1.28 billion, that is “in the money.”
Furthermore, the data shows that 85.50%, or 842.2 trillion tokens worth $10.29 billion of SHIB investors, are “out of the money”, meaning their investments are currently worth less than what they paid for it. At the same time, 3.88% of addresses, or 38.17 trillion SHIB ($466.55 million) are ‘at the money’ meaning they hold about break even amounts.
While there have been price breakouts, SHIB’s rally has not brought much relief to long term holders that purchased at higher prices.
Shiba Inu Records Modest Gains as Whale Activity and Burn Rate Fuel Optimism
At press time, Shiba Inu (SHIB) is trading at $0.00001240 and recorded 1% situated gains given the previous 24 hours in daily chart. This comes even as trading volume on the dog-themed meme coin rises 5.20 percent to $117.78 million during the same period.
The uptick has reignited hope among the SHIB community and they are optimistic that the coin may sustain the run and reach greater price levels. This rally could keep going and induce more holders to go into profit, changing the current landscape of most investors being red.
Ahead of the recent price movement, whale activity has increased significantly. This data revealed that the number of whale movements was 173% more when compared to a 24hr period, amounting to more than 1.30 trillion SHIB. If that level of activity continues as it is, it could be a catalyst for more price gains.
Shiba Inu’s weekly burn rate also is picking up steam on the bullish note. In the days ahead, a sustained effort to drop the circulating supply of the token through the community driven burns may prove to be supportive of upward price pressure.
