The Shiba Inu cryptocurrency has experienced significant price fluctuations over the past week. This volatility is not unusual for the meme coin, but the rapid price changes have brought both opportunities and challenges for its holders. Let’s delve deeper into the recent price movements and their impact on Shiba Inu’s profitability.
Recent Shiba Inu Price Movements
In the past seven days, Shiba Inu demonstrated a classic boom-and-bust pattern. Beginning at a price of $0.00001660, the coin surged to $0.00001996 within three days. This impressive rally led to a wave of optimism among investors. Unfortunately, the excitement was short-lived as the price plummeted back to $0.00001770 over the subsequent three days. Such volatility resulted in fluctuating profitability for many Shiba Inu addresses, with holders experiencing brief gains before a downturn pushed a significant number back into loss territory.
Fluctuating Shiba Inu Profitability Count
According to insights from the on-chain analytics platform IntoTheBlock (ITB), this sharp Shiba Inu price drop has resulted in about 44% of holders currently facing losses. The initial price rally coincided with a broader market uptrend, which saw Shiba Inu climb from $0.00001660 on October 26 to $0.00001996 by October 29. This 20% surge brought an unexpected boon to many investors, with over 30,000 Shiba Inu addresses moving into profitability as per the ITB’s “In/Out of the Money” metric. This metric tracks the number and percentage of addresses in profit, losses, and at the money based on the crypto asset’s current price.
Shiba Inu’s Roller-Coaster Ride Continues
The optimism was, however, short-lived. By November 1, the price had reversed from $0.00001996 to $0.00001770, marking an 11% decline that caused approximately 25,000 holders to slip into losses, again according to ITB metrics. The start of the month thus saw Shiba Inu in a downward spiral, challenging the resolve of its investors.
Current Shiba Inu Profitability
As of the latest data, Shiba Inu has managed to rebound slightly, finding support around $0.00001770. At present, Shiba Inu is trading at $0.00001781, showing a 3.2% increase in the past 24 hours. This slight uptick offers a glimmer of hope for investors.
IntoTheBlock’s data reveals that approximately 713,960 addresses are currently in profit, which constitutes about 52.5% of all SHIB addresses. Conversely, 606,700 addresses are in losses, representing 44.62% of the total. Interestingly, 39,000 addresses, or 2.87%, are “at the money,” neither in losses nor profits.
Additionally, among those who purchased SHIB between $0.000015 and $0.000020, 83,470 addresses are in profit, accounting for about 60% of this group. Meanwhile, 54,700 addresses, or 39.32%, are in losses. Furthermore, 931 addresses (0.67%) remain at the money in this price range.
Conclusion
The Shiba Inu coin remains a testament to the unpredictable nature of the cryptocurrency market. Despite recent dips, the overall sentiment around SHIB remains bullish. Investors continue to hold onto the hope of future gains as they navigate the highs and lows of this volatile asset. As with any investment, staying informed and cautious is key to weathering the market’s turbulent waves.
