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Dog-themed cryptocurrency Shiba Inu (SHIB) experienced a significant price surge, with its value increasing by more than 15% in the last 24 hours, resulting in a massive $2.57 billion in profit.
On-chain analytics platform IntoTheBlock categorizes addresses and tokens to provide an aggregate view of profitability for a certain crypto asset. Based on this, a whopping $2.57 billion SHIB, or 166.47 trillion SHIB, is "in the money" at Shiba Inu's current price.
This suggests that the previously purchased 166.47 trillion SHIB would currently realize a profit if they sold since the present price is higher than their cost of acquisition.
Tomiwabold OlajideThis is significant because having more addresses in the money is likely to benefit the network by reducing selling pressure from holders looking to break even on their positions.
Alternative digital currencies, such as Shiba Inu, are outperforming Bitcoin in a wide market rise. Shiba Inu (SHIB) surged 15%, outperforming Bitcoin's 1% rise in the last 24 hours as meme coins enjoy positive sentiment.
What's next for SHIB?
At the time of writing, SHIB was up 13.9% in the last 24 hours to $0.00001532, having reached intraday highs of $0.00001567. The token is now up 20% weekly.
Arman ShirinyanSHIB has risen for four consecutive days and is on track for a fifth. This upward momentum allowed SHIB to surpass the daily SMA 50 at $0.00001416, a level that has capped its price since December 2024.
As SHIB regains bullish momentum, the market will be watching for key resistance levels, in this case, the daily SMA 200 at $0.00001916, to determine if the rally can be sustained. The focus will also be on whether SHIB would sustain above the daily SMA 50 and flip it once again into support.
In the coming days, SHIB’s next move will be closely watched, with potential for further gains if bullish sentiment persists.
Vladislav Sopov
Dan Burgin