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36 Trillion Shiba Inu Remain Profitable for Active SHIB Addresses Amid Decline

Thu, 08/03/2023 - 16:45
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Tomiwabold Olajide
SHIB aspires to match recent network growth with corresponding price action
36 Trillion Shiba Inu Remain Profitable for Active SHIB Addresses Amid Decline
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According to IntoTheBlock's active addresses by profitability, 36.75 trillion Shiba Inu positions are at the money at the current price.

IntoTheBlock classifies addresses based on whether they are profiting (in the money), breaking even (at the money), or losing money (out of the money) on their positions at the current price.

At the time of writing, SHIB was up 1.12% in the last 24 hours to $0.00000828. The token is up 6.06% in the last seven days.

Shiba Inu Active Addresses by Profitability, Courtesy: IntoTheBlock

Per the indicator, a volume of 36.75 trillion SHIB was acquired by 1,710 addresses at the current price of around $0.000008. The volume of Shiba Inu bought might suggest that the price is gradually building up major support near the $0.000008 mark.

This is because SHIB aspires to match its recent network growth with corresponding price action. In a new tweet, the official Shiba Inu Twitter account makes it known that the SHIB community is growing at warp speed.

This comes as a new all-time high is reached in the number of addresses holding SHIB, which has seen a remarkable 22% increase in the past week. Not only this, but Shibarium keeps setting new milestones.

Shibarium sees impressive activity, as does SHIB's price

Shibarium has seen significant activity in recent months, with over 34.6 million transactions from 17 million wallets, indicating that the network is in high demand. The network is set to launch later this month.

Shiba Inu's price has been steadily climbing without a major catalyst. If it continues, SHIB might aim to delete a zero from its price, subsequently targeting the $0.00001 level.

Shibarium Hits New Utility Landmark on Epic ETH Bridge Reveal

The current range appears to be forming support around $0.000008, which might prevent further declines and serve as a springboard for the SHIB price to rise in the coming days.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.