Based on IntoTheBlock data, Shiba Inu’s profitability has risen as the SHIB price bounces back to a crucial level. IntoTheBlock, an on-chain analytics platform, assesses addresses and tokens to gauge the overall profitability of a specific cryptocurrency.
Addresses holding Shiba Inu are divided into three categories: those making a profit (in the money), those breaking even (at the money), and those incurring losses (out of the money) based on their average purchase price of the tokens.
Recent data shows that Shiba Inu addresses in the profit category have increased from 7% during the recent market downturn to 9% at present.
During the past week, the cryptocurrency market experienced a sell-off, with Shiba Inu’s price dropping to as low as $0.00000671 on October 11, losing its previously held $0.000007 support. However, buyers entered the market at the $0.00000671 low, leading to a gradual recovery that helped Shiba Inu reclaim the $0.000007 level.
Since October 11, Shiba Inu has seen three consecutive days of price increases, reaching a high of $0.00000711 on October 14. At the time of writing, SHIB was still maintaining these gains, with a 1.04% increase in the last 24 hours, bringing it to $0.000007.
Bulls are currently making strong efforts to keep the price above $0.000007. If they succeed, Shiba Inu may target the $0.0000074 resistance level at the daily MA 50. However, if bearish pressure returns, SHIB might retest the $0.0000067 level.
Shiba Inu continues its token burning process, albeit at a steady pace. Over the last 24 hours, a total of 13,339,085 SHIB tokens were burned in 23 transactions. In the last seven days, 278,909,750 SHIB tokens were burned in 159 transactions.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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