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Shiba Inu (SHIB), a dog-themed meme coin, has battled bearish pressure in the last 30 days. Despite delays in experiencing a breakout, a significant 123.27 trillion SHIB are in profit. According to IntoTheBlock data, this represents 36.95% of the total token in circulation.
SHIB investors hold strong amid bearish trends
The volume of SHIB "in the money" has been valued at approximately $1.54 billion. This development signals that the meme coin has continued to thrive despite the market downturn and its impact on it.
Arman ShirinyanAnalysts consider this development notable, given SHIB's price outlook on the broader cryptocurrency market. As of this writing, SHIB is changing hands at $0.00001252, a decline of 3.01% in the last 24 hours.
SHIB investors have not engaged in active purchases as trading volume has plummeted by 19.80% to $143.11 million within the same time frame.
Amid this downward pressure, SHIB has found support at $0.000012 in the last seven days. This might be due to the community's support in reducing tokens in circulation via the burn mechanism. Notably, in the last 24 hours, the burn rate has soared by 495% as over 14 million SHIB were wiped out.
Meanwhile, "out of the money" SHIB represents 59.13%, or 827.32 trillion SHIB in circulation. These tokens are worth about $10.34 billion.
A total of 33.97 trillion SHIB are currently "at the money." This accounts for 3.92% of SHIB, valued at $424.49 million.
Could growing adoption fuel SHIB’s next move?
Market watchers opine that SHIB might experience an upward surge soon, given the interest it recently received. As reported by U.Today, a major dormant Ethereum whale acquired over 64 billion SHIB tokens.
Tomiwabold OlajideAnalysts consider this a bullish signal, as whales usually invest in assets with growth potential.
Another sign suggesting positive indicators for Shiba Inu is that the blockchain recently surpassed 1.5 million holders. Many consider the growth to signal adoption and sustained investor interest, a combination that may trigger the next rally.
Vladislav Sopov
Dan Burgin