Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Dog-themed cryptocurrency Shiba Inu has regained a major psychological and on-chain milestone — the 100 trillion SHIB profitability mark.
According to on-chain data from IntoTheBlock, nearly 100.54 trillion SHIB tokens are now "in the money," meaning they were bought at a lower price and are currently profitable. At current prices, this is worth about $1.16 billion, reflecting renewed optimism among investors.
This comeback comes after SHIB momentarily fell below the 100 trillion SHIB profitability level during last week's market sell-off. As widespread crypto volatility prompted caution and fear among retail traders, SHIB was not immune, with whale activity slowing and large-holder inflows significantly dropping.
The return to the 100 trillion SHIB profitability mark may signal that accumulation is underway once again, particularly as SHIB recovers lost ground.
What's next?
Shiba Inu rose over the weekend, rising from a low of $0.00001106 for three days straight before retreating in the early Monday session.
At press time, SHIB was down 1.42% in the last 24 hours to $0.00001142, mirroring the slight drop in the crypto market in the early Monday session.
SHIB's price formed an "inside-week" candle, indicating a pause in the downtrend and a potential upward advance. Prices increased nearly 8% in the seven days preceding June 29, establishing an "insider week" candle that signaled a respite in the downtrend.
On June 29, there was significant trading activity, with SHIB breaking out of its consolidation pattern on strong volume.
Moving forward, a clear break above the daily moving averages of 50 and 200, around $0.000013 and $0.0000156, would kickstart a fresh move toward $0.00002. Meanwhile, support is envisaged at $0.00001, which halted the SHIB price decline on June 22.
Vladislav Sopov
U.Today Editorial Team