Shiba Inu’s stint above the $0.00001 mark means more holders have crossed the chasm from being in losses to profit.
The price of Shiba Inu (SHIB) has held above the psychological $0.00001 mark for nine consecutive days. The new milestone has raised optimism among holders that the cryptocurrency will soon have its time in the spotlight like certain altcoins have in the past few weeks.
At the same time, trading above $0.00001 has led to an increase in the fraction of SHIB holders currently “in the money.” According to blockchain analytics provider IntoTheBlock, 39% of addresses holding SHIB are in profit.
The latest figure represents a 2% increase from the past week when only 37% of holders were in profit. The increased profitability suggests that more holders added to their position to lower their average purchase price, given that SHIB has not increased significantly over the past week.
SHIB Holders Remain Resolute
On-chain data shows that there are over 1.36 million addresses holding SHIB, making it one of the most widely held cryptocurrencies. Notably, even though a higher portion of these addresses (53% based on IntoTheBlock data) is unprofitable, SHIB holders appear focused on long-term results.
The statistics reveal that 75% of SHIB investors have held the asset for an average of one year. SHIB has gained around 30% within the period under consideration, hinting that investors are not satisfied with minor gains and would rather hold on for longer.
SHIB remains more than 87% below its all-time high of $0.00008845, which was attained in October 2021. A move back to that range would represent an over 700% increase in SHIB’s current value, a prospect that most holders consider possible if the market enters a fully bullish mood.
Meanwhile, SHIB’s value could be boosted by a surge in ecosystem activities involving the Shiba Inu layer-2 network, Shibarium. The increase in the number of transactions on Shibarium is directly linked to the burning of SHIB tokens to lower the asset’s total supply.
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.
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