Shiba Inu Holders See High Profitability Levels
The profitability of Shiba Inu holders has been steadily increasing since the start of the price rally last month. This upward trend has resulted in one of the highest levels of holder profitability seen in the past year, reaching a new 10-month high for the cryptocurrency.
37% of Shiba Inu Holders in Profit
Data from on-chain data aggregator IntoTheBlock reveals that the profitability levels for Shiba Inu have reached a new 10-month high. Currently, 37% of all holders are experiencing profits, surpassing the previous peak of 31.84% in August.
This increase coincides with the rise in the value of the SHIB token, which has gone from around $0.000007 to $0.00001 in just one month. As a result, profitability levels have risen from as low as 7.9% to 37%, benefiting a significant number of SHIB holders.
Many Holders Still at a Loss
Despite the notable increase in profitability, there are still many holders who are facing losses on their SHIB holdings. According to data from IntoTheBlock, a total of 770,480 wallets (58.93%) are currently holding at a loss. Additionally, 52,990 addresses (3.98%) are sitting at breakeven, meaning their tokens were last moved at a price similar to the current price.
Looking at the year-to-date average, most investors are still out of profit. Out of a total of 1,211,910 addresses, 936,470 (73.94%) are experiencing losses, while 274,520 (21.73%) are seeing profits and 54,920 (4.33%) are at breakeven.
SHIB Faces Resistance from Bears
As the profitability levels for Shiba Inu have risen, so has the resistance from bears. The meme coin recently experienced a flash crash that caused it to drop below the $0.00001 level and fall below high resistance.
However, SHIB continues to exhibit bullish tendencies, especially as the crypto market recovers from the flash crash. With volatility levels still above 50%, there is potential for the altcoin to rally further. High volatility is often associated with price increases, indicating strong commitment from bulls.
The large transactions from whales in SHIB have also increased by over 100% between Saturday and Sunday. This suggests that whales are returning to the meme coin, potentially supporting its price in the future.
Hot Take: Shiba Inu Holder Profitability Reaches New High
The profitability levels of Shiba Inu holders have reached a new high, with 37% of all holders currently seeing profits. Despite this positive trend, a significant number of holders are still facing losses. The recent flash crash has posed challenges for SHIB, but its volatility levels and increased whale activity indicate potential for a bullish rally. As the crypto market recovers, it will be interesting to see how Shiba Inu performs in the coming weeks.
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