As the price of Shiba Inu (SHIB) continues to navigate through a period of consolidation, on-chain data reveals a surprising insight: the massive 733 billion SHIB tokens held in wallets remain profitable despite the current lull in the price of SHIB. This revelation underlines the resilience and long-term commitment of SHIB holders, despite short-term fluctuations in market sentiment.
As the price of Shiba Inu (SHIB) continues to navigate through a period of consolidation, on-chain data reveals a surprising insight: the massive 733 billion SHIB tokens held in wallets remain profitable despite the current lull in the price of SHIB. This revelation underlines the resilience and long-term commitment of SHIB holders, despite short-term fluctuations in market sentiment.
The Break Even Price indicator analyzes realized profits and losses based on on-chain data of the addresses that currently own the cryptoasset. Despite the recent lull in SHIB prices, this on-chain indicator reveals that a substantial portion of SHIB holders continue to hold their tokens at levels where they are making profits.
According In the blockAccording to the breakeven price indicator, a whopping 733.61 billion SHIB held by 653,530 Shiba Inu addresses are in profit as they were purchased in the range of $0.000002 and $0.000022 at an average price of $0. 000011.
This figure highlights the significant accumulation of tokens by SHIB holders who have withstood multiple market cycles and remain committed to their hodling strategy.
Additionally, this could suggest that many holders are taking a long-term view on their SHIB holdings. Rather than succumbing to short-term market volatility, these headlines focus on the potential future growth and adoption of SHIB, as well as the development of the broader Shiba Inu ecosystem.
SHIB Price Action
At the time of writing, SHIB was up 4% in the last 24 hours to $0.00002372, matching the overall market rally. After five consecutive days of declines, SHIB price began to recover from its May 1 low of $0.0000223.
Shiba Inu continues its recovery on the third day, reaching highs of $0.00002383 in today’s session. Shiba Inu has been consolidating in a wide range between $0.00001837 and $0.00003285, following his decline from highs of $0.000045 on March 5.
In the very short term, a sustained break above the 50 daily moving average at $0.00002635 could trigger a fresh move for SHIB price, with targets at $0.0000328 and eventually the $0.0000457 level.
