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Shiba Inu Profitability Jumps as SHIB Price Regains Key Level

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Sun, 15/10/2023 - 9:31
Shiba Inu Profitability Jumps as SHIB Price Regains Key Level
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According to IntoTheBlock data, Shiba Inu's profitability has increased slightly as the SHIB price returns to a crucial level.

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On-chain analytics platform IntoTheBlock categorizes addresses and tokens accordingly to obtain an aggregate view of the profitability of a specific crypto asset.

These are classified 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. This is done by determining an address's average cost based on the weighted average price at which it bought the tokens currently held.

In this regard, Shiba Inu addresses that are profiting have seen an increase from 7% reached at the peak of the sell-off in the week gone by to a current 9%.

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The week gone by saw a sell-off in the general crypto markets, and Shiba Inu was not excluded from bears' impact, dipping to lows of $0.00000671 on Oct. 11 and losing the zealously guarded $0.000007 to the bears.

All hopes were not lost as buyers stepped in at the $0.00000671 low and SHIB gradually began a rebound, reclaiming the $0.000007 level.

Since Oct. 11, Shiba Inu has marked three consecutive days in green, reaching highs of $0.00000711 on Oct. 14. At the time of writing, SHIB was still sustaining its gains and was up 1.04% in the last 24 hours to $0.000007.

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Bulls are presently putting in a fierce attempt to sustain the $0.000007 level; if successful, SHIB might aim for the $0.0000074 barrier at the daily MA 50 next. On the other hand, SHIB might see a retest of the $0.0000067 level if bearish pressure returns.

Meanwhile, Shiba Inu burns continue, albeit at a steady pace. According to Shibburn, in the last 24 hours, a total of 13,339,085 SHIB tokens were burned in 23 transactions. In the last seven days, a total of 278,909,750 SHIB tokens were burned in 159 transactions.

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