2024-05-05
During a period of consolidation for Shiba Inu (SHIB) price, on-chain data has revealed an intriguing observation: an astonishing 733 trillion SHIB tokens held in wallets are still profitable, despite the current lull in SHIB's price.
This discovery highlights the resilience and long-term commitment of SHIB holders, showcasing their ability to withstand short-term market fluctuations while maintaining profitable positions.
The Break Even Price indicator, which analyzes realized gains and losses based on on-chain data, emphasizes the fact that a significant portion of SHIB holders continue to retain their tokens at levels where they are in profit, despite the recent price lull.
According to Intotheblock's breakeven price indicator, 733.61 trillion SHIB held by 653,530 Shiba Inu addresses are currently in profit.
These tokens were obtained at an average price of $0.000011, falling within the range of $0.000002 and $0.000022.
This remarkable statistic underscores the substantial accumulation of tokens by SHIB holders who have weathered multiple market cycles and remain committed to their long-term holding strategy.
It also suggests that many holders are adopting a forward-looking perspective, focusing on the potential future growth and adoption of SHIB, as well as the development of the broader Shiba Inu ecosystem, rather than being swayed by short-term market volatility.
At the time of writing, SHIB has experienced a 4% increase in the last 24 hours, reaching $0.00002372 as part of the overall market recovery.
After five consecutive days of declines, the SHIB price began to rebound from its low of $0.0000223 on May 1.
The recovery of Shiba Inu has continued into the third day, reaching highs of $0.00002383 in today's session.
The consolidation phase for Shiba Inu has remained within the range of $0.00001837 and $0.00003285, following a decline from its peak of $0.000045 on March 5.
In the short term, if the SHIB price manages to sustain a break above the daily moving average 50 at $0.00002635, it may trigger a new upward movement, with targets set at $0.0000328 and ultimately the $0.0000457 level.
