41% of Shiba Inu (SHIB) Holders in Profit as On-Chain Signals Turn Bullish

According to data provided by IntoTheBlock, 41% of Shiba Inu (SHIB) holders are currently in profit at the current price levels. The data also indicates a bullish trend for SHIB as on-chain signals show positive movements, with large transactions increasing by 3.10% and net network growth rising by 0.29%.

As of writing this article, the current price of SHIB stands at $0.00001084, marking a 2.67% increase in the last 24 hours and an impressive 33.99% surge in the last 30 days. The trading volume for SHIB has reached $238.91 million, showcasing a notable 9.24% uptick in the past 24 hours.

Shiba Inu’s positive momentum

This positive momentum comes as a breath of fresh air for Shiba Inu enthusiasts, as the cryptocurrency market has experienced its fair share of volatility in recent times. The increase in large transactions and net network growth signals growing confidence among investors, further supporting the optimistic outlook for SHIB.

In a related development, the official marketing manager of the Shiba Inu team, known as Lucie on social media, has recently made an announcement that adds to the positive sentiment surrounding SHIB. As reported by U.Today, Lucie revealed that another substantial amount of Shiba Inu tokens, totaling 8,471,583,707 SHIB and valued at $90,857, has been transferred to unspendable wallets this month.

This strategic move to lock away a significant portion of SHIB tokens in unspendable wallets is seen as a measure to reduce the circulating supply, potentially contributing to a positive impact on the token’s value. The Shiba Inu team continues to implement initiatives aimed at enhancing the overall sustainability and market dynamics of SHIB.

Investors and analysts are closely monitoring these developments, as the bullish on-chain signals and strategic token movements contribute to an increasingly favorable environment for Shiba Inu. The community remains eager to see how these factors will influence the future trajectory of SHIB in the ever-evolving cryptocurrency landscape.

About the author

Mushumir Butt