At the current price level of roughly $0.00001499., 49% of Shiba Inu holders are profitable, based on on-chain data. This implies that SHIB may be poised for an upswing. It’s a big improvement, and if prices keep rising, SHIB’s profitability could see a discernible boost in the days ahead.
Notably, whales still possess a substantial share of SHIB, as evidenced by data from Into The Block, which also reveals that whales make up 73% of the asset’s major holdings. This indicates that large buys or sales by these key individuals could influence any sudden fluctuations in price.
Additionally, considering that SHIB and the larger cryptocurrency market have a strong price correlation (0.89), any significant movements in the price of Bitcoin are predicted to have an impact on SHIB’s movement.
The signs are mixed but suggest a positive future. Strong positive indicators are seen in exchange signals, but on-chain signals are a little bit gloomy because of things like net network growth and the 2.61% drop in large transactions.
There appears to be increasing demand on exchanges, as seen by the slightly positive smart price measure of 0.24% and the up 128.19% bid-ask volume imbalance. This might potentially lead to a short-term gain in the price of SHIB.
Shiba Inu (SHIB) Analysis
In terms of precise price marks, $0.00001700 is an important price level to monitor for SHIB right now. The 100-day EMA is positioned at this place, and a break above it might spark a larger rally and push SHIB into profitability for a larger number of investors.
If SHIB breaks through this barrier, more buyers may get interested, increasing the possibility that investors will experience more returns from the asset.
Final Thoughts
The current on-chain data indicating that 49% of Shiba Inu (SHIB) holders are profitable at a price level of $0.00001499 suggests that SHIB is in a relatively strong position for a potential price upswing. The fact that nearly half of its holders are in profit points to increasing investor confidence, and if the price continues to rise, a larger percentage of holders could become profitable, potentially leading to more momentum.
However, the high concentration of SHIB held by whales (73% of major holdings) introduces a significant variable—any large transactions by these key players could cause sudden price fluctuations, either amplifying gains or triggering sell-offs.
While there are positive signs, such as the strong price correlation with Bitcoin and increasing demand on exchanges, the mixed signals from on-chain indicators warrant caution. The decline in large transactions and net network growth could indicate underlying challenges in maintaining consistent upward momentum.
However, the bid-ask volume imbalance and the smart price measure suggest short-term optimism, particularly if SHIB can break the $0.00001700 level, which aligns with the 100-day EMA. If this resistance is surpassed, it could attract more buyers and catalyze further growth, enhancing profitability for a larger portion of SHIB investors.
Anthony Pedro
Anthony Pedro is a seasoned crypto writer with a deep passion for blockchain technology and digital currencies. With over 4 years of experience in the cryptocurrency space, Anthony has become a trusted voice, offering insightful analysis and commentary on the latest trends, innovations, and market movements. When not writing, he is actively engaged in the crypto community, attending conferences, advising blockchain startups, and experimenting with new projects.