Shiba Inu resurgence above the $0.00001 mark has increased the fraction of token holders currently in profit.
The recent crypto market uptrend has seen the price of SHIB recover above the $0.00001 mark. The token has traded within that range for a majority of the past 72 hours, with an eye on turning the previous resistance level into a support for higher gains.
While the market continues to speculate on SHIB’s next move, on-chain data shows that a sizable fraction of holders are already in profit with the token holding above $.00001. Specifically, around 37% of SHIB holders are in profit at the cryptocurrency’s current price.
Evidently, their continual holding suggests that these investors are anticipating additional gains and are not willing to exit at this price. Meanwhile, 56% of SHIB holders are still in a loss, with just 7% of investors at a breakeven given the current SHIB price.
Shiba Inu Ecosystem Maintains Positive Momentum
Beyond its current market performance, Shiba Inu continues to enjoy positive momentum, especially across its ecosystem. Earlier this week, the blockchain project announced a major partnership with D3 Global to apply for a top-level domain (TLD) unique to the Shiba Inu community.
At the same time, Shiba Inu’s layer-2 network, Shibarium, has seen a surge in user transactions following the proliferation of inscriptions. An increase in Shibarium transactions contributes to Shiba Inu’s tokenomics.
The project converts a portion of transaction fees to Shiba Inu (SHIB), which is burned periodically with an eye on boosting the token’s value.
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Despite the rise of upcoming projects like BONK (BONK), Shiba Inu remains the second largest memecoin by market capitalization, with a $6 billion value. Notably, the token is still 88% below its all-time high of $0.00008845 recorded over two years ago.