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Shiba Inu (SHIB) has been experiencing price fluctuations and has found it difficult to sustain major support amid a market rout in Q1. Despite the volatility, 31.83 trillion SHIB are "in the money." According to data from IntoTheBlock, this represents 42.83% of the total tokens in circulation.
Shiba Inu and long road to full recovery
The surge in the number of addresses in profit spells many good omens for the protocol. It hints that the ecosystem has continued to thrive despite the ongoing volatility with the dog-themed meme coin.
As of this writing, SHIB was changing hands at $0.00001233, a significant 2.45% increase in the last 24 hours.
Yuri MolchanAlthough market participants remain skeptical of sustained growth, the uptick could catalyze renewed investor interest. SHIB's trading volume has declined 21.24% to $192.59 million.
However, the catch, hinging on rekindling of interest in SHIB, is critical to attaining new price levels, as the current market outlook shows investors pulling back. Trading volume has to shift into the green as more funds are committed to the asset to sustain the gains recorded.
With the looming uncertainty in the broader financial market, some investors might consider investing in SHIB. This development could help boost the price of SHIB further.
Meanwhile, 42.26 trillion SHIB are currently "out of the money," representing 56.27%. As for tokens "at the money," or breakeven point, this equals 1.01 trillion SHIB or 1.35%.
Deflationary push and investor sentiment
In the broader Shiba Inu ecosystem, some investors have committed about 8.9 trillion SHIB to SHIB’s future open interest. This volume, valued at approximately $110 million, signals the confidence of holders in the prospect of SHIB to rise.
Arman ShirinyanAdditionally, the community has recently fueled SHIB’s unrelenting deflationary moves by incinerating over 15 million SHIB tokens. The move is part of the ongoing efforts to reduce circulating supply, which may fuel a price increase in value in the long term.
Vladislav Sopov
Dan Burgin