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Shiba Inu (SHIB) is on the verge of a breakthrough, however, the current bearish decline further extends the time frame for this bullish explosion. By According to data from crypto analytics platform IntoTheBlock (ITB), the meme coin's profitability notably presents another basis for projecting an imminent uptrend.
The data showed that the number of profitable addresses, or “in the money” wallets, in the Shiba Inu ecosystem stands at 902,960 addresses, or 67.23% of the network's total. “Out of money” addresses are significantly fewer, at 352,190, or 26.22%. Addresses “at the money,” or at the break-even point, are worth 88,020, or 6.55%.
Much of the In and Out of the Money chart on ITB shows that formidable support for SHIB is set at the $0.000023 level, where a total of 76.6 trillion tokens have been purchased by 84,740 SHIB addresses. Resistance, on the other hand, is placed at the $0.000033 mark, where 20.97 trillion SHIB has been stacked by 137,600 addresses.
With a large majority in profits, more traders might be more inclined to take advantage of minor short-term gains, giving SHIB enough room to ride the burgeoning price rise.
Whales Shiba Inu, Blight and Shibarium
It is almost impossible to analyze Shiba Inu's prospects of surpassing its current level without mentioning its key growth triggers, prospects for large whales or deals, SHIB burn metrics, and the role of Shibarium.
ITB data shows that large transactions jumped 179.48% in 24 hours to $163.12 million. These large transactions represent those valued at $100,000 or more and have become more prevalent within the network, as shown in previous U.Today reporting. These growing accumulations will help trigger a supply crisis that could impact long-term price increases.
The intense SHIB burn is also a complementary rise to the price surge. Additionally, with more transactions recorded on its associated Shibarium protocol, the network's robust activity is showing good health, which is likely to attract more users over time.