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Shiba Inu (SHIB) Profitability on 4% Rise, 20% of All Holders in Profit Now

Mon, 01/09/2023 - 12:37
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Arman Shirinyan
Shiba Inu's profitability on rise following general recovery of market and numerous teasers
Shiba Inu (SHIB) Profitability on 4% Rise, 20% of All Holders in Profit Now
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Shiba Inu is continuously moving upward after the beginning of the new year, and the profitability of the token has increased significantly, gaining more than 4% to the metric, with 1 out of 5 holders holding the token at a profit.

Market recovery

Generally, the on-chain and exchange data is turning back to green, showing that SHIB is not only moving upward on the market but attracting more investors and the fresh funds it desperately needed since November.

ITB data
Source: TradingView

At a certain point, Shiba Inu's profitability tumbled to 13%, making it one of the least profitable assets across the whole industry. Luckily, the market hit the recovery pedal and has gained around 7% to its capitalization, pushing bullish sentiment back on the crypto trading community.

According to the composition of indicators on analytical boards like IntoTheBlock, Shiba Inu's performance is relatively neutral and is not yet showing any signs of an extremely strong recovery as we saw on assets like Lido or ZIL.

Technical analysis

From a technical perspective, Shiba Inu has just reached the first resistance level on the chart, reflected in the 50-day moving average. It is not yet clear if the existing volume will be enough to push the price of the token upward, breaking the existing resistance level.

Shiba Inu (SHIB) Burn Rate Jumps 1,395% with Over Half Billion Burned, Here's What Happened

Realistically, the state of the market should be the main driver, if not the only driver, for Shiba Inu and other meme assets. Unfortunately, we are seeing the prevalence of sell orders across cryptocurrency exchanges, which is most likely a sign of active profit taking. However, without the noteworthy reversal of the market, SHIB continues moving upward.

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About the author

Arman Shirinyan is a trader, crypto enthusiast and SMM expert with more than four years of experience.

Arman strongly believes that cryptocurrencies and the blockchain will be of constant use in the future. Currently, he focuses on news, articles with deep analysis of crypto projects and technical analysis of cryptocurrency trading pairs.