Gushiken Yona
A substantial portion of the Shiba Inu supply, totaling hundreds of trillions of $SHIB, is now in the money as the cryptocurrency enjoys a resurgence, a welcome development for long-term holders of the dog-themed crypto asset.
The recent price increase, which has seen SHIB gain approximately 8% in value, marks a significant shift for the popular meme coin. This upward movement has pushed a considerable number of SHIB tokens into profitable territory, according to data from on-chain analytics firm IntoTheBlock.
A Deep Dive into Shiba Inu Profitability
IntoTheBlock’s “Global In/Out of the Money” metric provides a detailed analysis of the profitability of cryptocurrency holdings. This analysis categorizes addresses based on whether they are currently “in the money” (holding tokens at a profit), “at the money” (breaking even), or “out of the money” (holding tokens at a loss), relative to the current market price.
The latest data paints a nuanced picture for Shiba Inu holders. Approximately 104.14 trillion SHIB tokens, representing a value of roughly $1.27 billion, are currently classified as “in the money.”
This constitutes 10.58% of analyzed addresses/wallets, according to IntoTheBlock’s data. Conversely, a significant portion, 846.99 trillion SHIB tokens, valued at approximately $10.32 billion, remain “out of the money,” accounting for 86.02% of analyzed addresses/wallets.
A smaller segment, 33.51 trillion SHIB (or about $408.21 million), is considered “at the money,” representing 3.40% of analyzed addresses/wallets. IntoTheBlock indicates that this data covers 100% of the tokens.
While the percentage of addresses “in the money” might seem relatively low, the substantial value of those holdings – over $1.27 billion – highlights the potential for significant gains within the Shiba Inu ecosystem when the market moves favorably.
SHIB Price Action
As of early Thursday morning, Shiba Inu ($SHIB) exhibited a modest but noteworthy price movement. Trading at $0.00001218 at 4:38 a.m. ET, the cryptocurrency showed a 0.05% increase on the day, according to data from CoinMarketCap.
While this percentage gain might appear small in the often-volatile world of cryptocurrencies, it’s the context and accompanying metrics that provide a more complete picture.
The 24-hour trading volume stood at $231.11 million, a figure that, while not exceptionally high, suggests continued interest and activity in the SHIB market. This level of trading volume indicates a healthy level of liquidity, allowing investors to buy and sell SHIB without causing drastic price swings.
A more significant indicator is the circulating supply at 589.25 trillion SHIB, resulting in a market capitalization of approximately $7.16 billion, a 0.29% increase. This slight increase in market capitalization, outpacing the percentage price gain of the individual token, suggests that the overall value of the circulating SHIB supply is expanding.
Community sentiment, as reflected in a poll with 226,300 votes, overwhelmingly favors a bullish outlook for SHIB. An impressive 88% of respondents expressed a positive view, while only 12% indicated a bearish sentiment.
While this data point provides a glimpse into the prevailing attitude within the Shiba Inu community, it’s essential to recognize that sentiment polls are not always accurate predictors of future price movements and can be influenced by a variety of factors, including social media trends and overall market conditions.
Read More
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Yona has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Daily is an official media and publication of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.
