Shiba Inu profitability has hit a 10-month high, according to recent data from IntoTheBlock. Currently, 37% of holders are making a profit, surpassing the August high of 31.84%.
This surge coincides with SHIB’s rise in value, which rose from $0.000007 to $0.00001 in one month, increasing its profitability level from 7.9% to 37%.
However, not all holders enjoy these benefits. Data shows that 58.93% of wallets, or a total of 770,480, have suffered losses. Additionally, 3.98% of holders (approximately 52,990 addresses) have reached breakeven, holding their tokens at a price close to their current value.
Looking at the year-on-year figures, we see that the majority of investors are still suffering losses. Of all addresses, 73.94% are cash-strapped, 21.73% are profitable, and 4.33% are at break-even.
Image: TradingView
Amid this profitable growth, SHIB faced resistance, including a flash crash that reduced its value by more than $0.00001.
Nonetheless, optimistic trends continue, with cryptocurrency market recovery and volatility levels exceeding 50%, suggesting a potential price rise.
Large volume trading in whales also surged over the weekend, suggesting renewed interest and possible support for SHIB prices.
Shiba Inu’s recent profitability reaching its highest level in 10 months is an interesting development in the volatile cryptocurrency market.
These surges reflect the dynamic nature of meme coins, which are often driven by market sentiment and social media influence rather than their fundamental value.
While increased profitability is certainly good news for some investors, it’s important to remember that a significant number of holders are still losing money. This highlights the high risk of investing in such assets.
The participation of ‘whales’ or large investors in this rally also raises questions about market manipulation and the sustainability of these price movements.
It is important for investors, especially those new to the cryptocurrency industry, to approach Shiba Inu and similar cryptocurrencies with caution, fully aware of their speculative nature and the potential for sudden and drastic market corrections.