HomeBitcoinShiba Inu Just Reached Its Highest Profitability Level In 10 Months, Time...

Shiba Inu Just Reached Its Highest Profitability Level In 10 Months, Time To Sell?

-

The Shiba Inu holder’s profitability has been on a steady climb since the price rally began last month. This steady climb has resulted in one of the highest holder profitability levels seen in the last year and a new 10-month high for the cryptocurrency.

37% Of All Shiba Inu Holders In Profit

Data from on-chain data aggregator IntoTheBlock has revealed that the Shiba Inu profitability levels have climbed to a new 10-month high. Currently, 37% of all holders are seeing a profit, a new high from the August peak of 31.84%.

This increase comes with the rise of the SHIB token which has gone from around $0.000007 to $0.00001 in the space of a month. At the same time, the profitability levels have gone from as low as 7.9% to 37%, putting a significant number of SHIB holders in profit.

Despite this notable rise in profitability though, there are still a lot of holders nursing losses on their SHIB holdings. Notably, data from the tracker shows that a total of 770,480 wallets, or 58.93%, are currently holding at a loss. Then the rest of the holder base which amounts to 3.98%, or 52,990 addresses, is sitting at breakeven. This means that these addresses are holding tokens that were last moved at roughly the same price as the current price of the token.

In the same vein, the year-to-date average for investors seeing a profit and a loss shows the majority sitting in the latter. A total of 936,470 addresses, or 73.94%, are still out of the money. While 274,520, or 21.73%, are turning a profit, with 54,920 addresses, or 4.33%, are sitting at the money.

Shiba Inu price chart from Tradingview.com

SHIB price recovers from dip | Source: SHIBUSD on Tradingview.com

SHIB Faces Resistance From Bears

As the Shiba Inu profitability levels have risen, so has the resistance from bears during this time. On Monday, the meme coin saw a flash crash that made it lose its footing above $0.00001, sending it back to levels below high resistance.

Nevertheless, SHIB continues to show further bullish tendencies especially as the crypto market has recovered from its flash crash. Its volatility levels are still above 50% which suggests there is still a lot of room for the altcoin to mount a bullish rally. As Bitcoinist reported, high volatility levels are always associated with an increase in price, and maintaining these high levels shows commitment from the bulls to keep pushing the price up.

SHIB’s large transactions from whales also saw a more than 100% increase between Saturday and Sunday. This shows the whales are coming back into the meme coin and this increased activity could continue to prop up its price.

Featured image from CoinMarketCap, chart from Tradingview.com

LEAVE A REPLY

Please enter your comment!
Please enter your name here

LATEST POSTS

BlackRock Spot Bitcoin ETF Trades over $1 Billion So Far Today In New Milestone

In a significant milestone for spot Bitcoin exchange-traded funds (ETFs), BlackRock's spot Bitcoin ETF has recorded over $1 billion in trades today alone, according to Bloomberg...

Argentine President Javier Milei Seeks to Penalize Central Bank Money Issuance

Javier Milei, the libertarian president of Argentina, is seeking to stop the issuance of money by the country’s central bank. Milei stated he would send...

Ethereum Is About To “Explode” Because Of This Key Technical Indicator: Analyst

Tony “The Bull,” a technical analyst and the Editorial Executive at NewsBTC, now thinks Ethereum (ETH), the second most valuable cryptocurrency, is about to explode....

Most Popular

spot_img