According to IntoTheBlock’s analysis, Shiba Inu (SHIB) is close to making a significant price increase. However, the recent downturn in the market has extended the duration for this anticipated bullish surge. The coin’s profitability indicators suggest that an uptrend could begin soon.
Approximately two-thirds (67.23%) of the wallets or profitable addresses in the Shiba Inu ecosystem, numbering around 902,960, are in the black, while the remaining one-third (26.22%) with approximately 352,190 addresses, are currently experiencing losses. Around 6.55% of the total addresses, which amount to 88,020, represent wallets that are at the break-even point and neither making nor losing value.
The In and Out of the Money chart on ITB indicates that SHIB has significant support at the $0.000023 level. This is because a total of 84,740 SHIB holders have collectively bought around 76.6 trillion tokens at this price. Conversely, the resistance for SHIB lies at the $0.000033 mark, where approximately 137,600 addresses have accumulated around 20.97 trillion tokens.
Many traders are currently making a profit, which could make them more likely to hold onto smaller gains temporarily. This might provide SHIB with the necessary momentum to continue its price increase.
Shiba Inu whales, burning and Shibarium
Analyzing the possibility of Shiba Inu surpassing its present level involves considering several key factors. These include: the presence and actions of significant investors or “whales,” the frequency and size of major transactions, the impact of SHIB token burn rates, and the significance of Shibarium (Shiba Inu’s upcoming Layer 2 solution).
In the past day, ITB data reveals a staggering 179.48% increase in significant transactions, totaling $163.12 million. These transactions involve deals worth $100,000 or more and have been on the rise within the network, as previously highlighted in U.Today reports. Over time, these increasing volumes could lead to a scarcity of supply, potentially influencing the price surge’s sustainability.
A strong SHIB coin burn rate contributes to an increase in price as well. Furthermore, the higher number of transactions taking place on the Shibarium platform indicates a thriving network, which could draw in more users in the future.
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2024-04-09 17:40