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Shiba Inu (SHIB), the popular dog-themed cryptocurrency, has been on a rollercoaster ride in Q1, grappling with price fluctuations and struggling to maintain substantial support amid an overall market downturn. Despite the turbulence, an impressive 31.83 trillion SHIB tokens, representing 42.83% of the total tokens in circulation, are “in the money,” as revealed by data from IntoTheBlock.
The increase in the number of addresses in profit augurs well for the protocol. It suggests that the ecosystem continues to flourish despite the ongoing volatility surrounding the meme coin. At the time of this report, SHIB was trading at $0.00001233, marking a noteworthy 2.45% surge in the last 24 hours.
While market participants remain dubious of sustained growth, the uptick could potentially spark renewed investor interest. However, trading volume for SHIB has seen a dip of 21.24%, falling to $192.59 million.
The key to reaching new price levels lies in the rejuvenation of interest in SHIB. The current market outlook shows investors pulling back, indicating that a shift in trading volume is necessary. More funds need to be dedicated to the asset to uphold the gains recorded.
Amid the prevailing uncertainty in the wider financial market, some investors may consider diversifying their portfolios with SHIB. Such a development could further enhance the price of SHIB.
On the flip side, 42.26 trillion SHIB are currently “out of the money,” signifying 56.27% of the total tokens. As for tokens “at the money,” or at the breakeven point, this represents 1.01 trillion SHIB, or 1.35%.
In the broader Shiba Inu ecosystem, investors have pledged about 8.9 trillion SHIB to the coin’s future open interest. This volume, approximated at $110 million, exhibits the confidence of holders in SHIB’s potential for growth.
Further enhancing SHIB’s deflationary push, the community recently burnt over 15 million SHIB tokens. This initiative, part of ongoing efforts to diminish circulating supply, could potentially fuel a long-term increase in value.
The future of Shiba Inu remains uncertain, yet intriguing. As the community continues its deflationary tactics and as investor sentiment wavers between cautious optimism and skepticism, the SHIB story continues to unfold in the volatile world of cryptocurrency.
