Shiba Inu’s profitability has recently shown an uptick as the SHIB price recovers a critical level, according to data from IntoTheBlock, an on-chain analytics platform. IntoTheBlock categorizes addresses and tokens based on whether they are currently profiting, breaking even, or losing money on their positions at the present price. This categorization is determined by analyzing the average cost of an address’s holdings in relation to the current weighted average price.
Increased Profitability for Shiba Inu Addresses
Shiba Inu addresses that are currently in a profitable position have risen from 7% during the recent market sell-off to the current 9%. This increase in profitability suggests improved sentiment and performance for SHIB holders.
In the previous week, Shiba Inu, like many other cryptocurrencies, experienced a market sell-off, dropping to lows of $0.00000671 on October 11 and briefly losing the crucial $0.000007 support level. However, buyers stepped in at the $0.00000671 low, leading to a gradual rebound that allowed SHIB to reclaim the $0.000007 level.
Since October 11, Shiba Inu has displayed three consecutive days of positive price movement, reaching a high of $0.00000711 on October 14. At the time of writing, SHIB remained in the green, with a 1.04% increase in the last 24 hours, trading at $0.000007.
Future Price Prospects
Bulls are making efforts to maintain the $0.000007 level, and if successful, SHIB could target the $0.0000074 barrier at the daily MA 50. Conversely, if bearish pressure returns, SHIB might retest the $0.0000067 level.
Despite market fluctuations, Shiba Inu token burns are ongoing. In the last 24 hours, 13,339,085 SHIB tokens were burned in 23 transactions, according to Shibburn. Over the past week, a total of 278,909,750 SHIB tokens were burned in 159 transactions. These burns demonstrate ongoing activity within the SHIB ecosystem.