Over 78K Addresses Are Still At A Loss Despite Shiba Inu’s Recent Rally, while 47.98K SHIB addresses are profitable.
Shiba Inu (SHIB) has left many investors in awe following its recent rally that broke the $0.000007 resistance over the weekend.
In the hours leading up to press time, Shiba Inu is changing hands at $0.00000700, down 1.8% over the past 24 hours. It is interesting to note that SHIB has been up 3.4% in the past seven days, according to CoinGecko data.
Number of SHIB Addresses In Profit & Loss
At the current price of $0.00000700, here are the number of investors currently at a loss, in profit, or at breakeven.
According to data from IntoTheBlock’s In/Out of Money Indicator (IOM), a total of 47.98K addresses, representing 36.32% of SHIB holders, are currently in profit at the current price.
On the other hand, 78.65K addresses, representing 59.54%, are trading Shiba Inu at a loss at the price of $0.00000700. Furthermore, 5.47K addresses, or 4.14%, are currently holding SHIB at breakeven. The breakeven indicator implies that tokens held at this point are not in profit or loss.
Notably, the IOM indicator evaluates the average costs at which investors purchased SHIB tokens and then compares it to the token’s current price to determine whether investors are in profit, loss, or breakeven.
Shiba Inu Gains Momentum Amid SEC Crackdown
Shiba Inu has continued to garner attention following its recent price action. Recall that SHIB plunged heavily alongside other crypto assets due to the lawsuits filed by the SEC against Binance and Coinbase.
On June 10, the token plunged to a 21-month low of $0.00000543, shredding 13.07% of its value in a single day. Interestingly, the crypto asset has regained momentum, posting gains for five consecutive days.
Earlier today, Shiba Inu outperformed top cryptos, including ETH and ADA, regarding assets with the most gains in the past seven days.
SHIB Faces Major Resistance Ahead
Meanwhile, Shiba Inu faces a significant resistance between $0.00000701 and $0.00000800 price levels. According to IntoTheBlock data, over 15 trillion SHIB tokens were purchased within this price level. This has succeeded in creating a wall of potential selling pressure.
Investors who purchased at this level will likely sell as SHIB tries to rally above the current price of $0.00000700.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
