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Shiba Inu (SHIB) Recovery Leaves 38% of Holders in Profit – Bullish Sign for SHIB?

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Tue, 19/12/2023 - 14:55
Shiba Inu (SHIB) Recovery Leaves 38% of Holders in Profit – Bullish Sign for SHIB?
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Shiba Inu (SHIB), the renowned meme cryptocurrency, has staged an impressive comeback, with its price surging by as much as 3.68% over the past 24 hours to reach $0.00001032. This latest rally marks a significant achievement for the Shiba Inu community as the token successfully eliminated one zero from its value, a feat indicative of the coin's resilience on the volatile cryptocurrency market.

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Notably, data provided by IntoTheBlock reveals that approximately 38% of Shiba Inu holders are currently in a profitable position at the current price level. This metric offers a positive signal for SHIB, suggesting that a substantial portion of investors who bought the token at previous levels are now seeing returns on their investment. The data further highlights the dynamic nature of Shiba Inu's market performance and the potential for sustained growth.

The concentration of large holders, often considered a key indicator of market sentiment, stands at 78% for Shiba Inu. This statistic suggests a significant degree of confidence among major investors, who continue to hold sizable amounts of SHIB. Additionally, an interesting aspect revealed by IntoTheBlock is that 75% of Shiba Inu holders have maintained their positions for more than a year, showcasing a long-term commitment to the meme coin.

Shiba Inu momentum builds

In another development contributing to the positive outlook for SHIB, the Shiba Inu ecosystem's layer-2 scaling solution, Shibarium, has experienced a remarkable surge in activity. As earlier reported by U.Today, Shibarium recorded an astonishing 1.7 million transactions within the last 24 hours. This surge in usage not only reflects increased interest in the Shiba Inu ecosystem but also suggests a potentially coordinated effort within the community to leverage the capabilities of Shibarium.

As market sentiment for Shiba Inu appears to be on an upward trajectory, with both price recovery and increased ecosystem activity, investors and enthusiasts alike keenly watching for further developments. The recent positive indicators for SHIB raise optimism about its potential for sustained growth and its role within the evolving landscape of decentralized finance (DeFi) and meme-driven cryptocurrencies.

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