Almost half a billion Shiba Inu addresses are now in profit; SHIB delivers some signs of upcoming recovery
According to IntoTheBlock, 448,740 Shiba Inu (SHIB) addresses are held in profit, almost three times as many as there were at the beginning of 2023. Unfortunately, this figure only accounts for 35.51% of all Shiba Inu owners, and it’s feasible that it will go even lower.
The 48% price gain of the token in the first two months of 2023, which began at $0.000008 and peaked at $0.0000158, contributed to the three-fold rise in the number of profitable SHIB addresses. The SHIB price, however, has already accomplished a 23% slide from its top, locking 90,000 latecomers into a loss due to this downturn.
Those who purchased SHIB at about $0.0000012 will be the next in line if it falls any further. More than 100,000 such addresses are said to exist.
Currently, 709,020 addresses—more than 55% of the total—of token owners are experiencing losses. Most of these, or over 130,000, purchased SHIB at rates between $0.000026 and $0.000032. Shiba Inu tokens were last quoted at these rates in the spring.
SHIB/USD 4-hour chart | Source: TradingVew
At the time of writing, SHIB is changing hands at $0.00001189.
Shiba Inu (SHIB) Shows 2 Recovery Scenarios as Burn Rate Hits 160% Increase
The amount of SHIB tokens that have been burned or removed from circulation is one of the factors influencing the price of Shiba Inu. A decrease in local support is the first possibility.
For some now, Shiba Inu’s price has fluctuated between $0.000011 and $0.000013. This could serve as a place of recovery for SHIB if the asset drops below this range and hits the following support level: around $0.000010. According to this scenario, the market would briefly decline before the asset returns to its previous levels.
An increase in burn rate is the second situation. The quantity of SHIB tokens in circulation has decreased due to the recent increase in burn rate. As a result, there might be less selling pressure, allowing the asset to be recovered.
It is important to remember, though, a high burn rate does not necessarily guarantee that price growth. It depends on several variables, including market sentiment and the asset’s total demand. SHIB continues to be one of the most well-liked meme cryptocurrencies on the market despite recent changes. It still has a sizable following and is increasingly being accepted as a payment option by shops.
Read more:
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