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The on-chain metrics of Shiba Inu (SHIB) have shown that despite the enormous attempts being made by the meme coin to regain its uptrend, there are still headwinds to watch out for. Data from crypto analytics platform IntoTheBlock (ITB) has placed SHIB address profitability at 24.37%, with a total of 323,540 addresses now in the money.
The data becomes concerning when the less profitable addresses amounting to 928,370, or 69.93%, are brought into focus. Per on-chain data, a total of 347,430 addresses acquired a total of 240.59 trillion SHIB at $0.000011. This price mark has formed a major resistance point as these addresses might move to liquidate their SHIB holdings whenever the meme coin soars toward that level.
Shiba Inu has been facing enormous selling pressure since the start of the year, as the token has gained and lost one zero from its price on many occasions, showcasing the unending fight between market bulls and bears.
Outlook on SHIB price
At the time of writing, Shiba Inu is changing hands for $0.000008955, up 4.55% in the past 24 hours, the first showcase of an uptrend in more than a week. Despite this bullish uptick, Shiba Inu's price is yet to reclaim the $0.000009 price mark, indicating more bearish sentiment remains on the market.
The journey to recovery for Shiba Inu may prove to be steeper in the new term as the digital currency’s metrics are not improving, which is very intriguing. For instance, the Shiba Inu burn rate slumped by more than 94%, with only a few million tokens sent to dead wallets overnight.
Data from IntoTheBlock also revealed that whale transaction volume and daily active addresses are slumping, further casting doubt on the potential of the token to beat the resistance wall it is facing.
Dan Burgin
U.Today Editorial Team
