As the SHIB price drops to depths last seen months ago, Shiba Inu’s profitability has reached new lows.
SHIB’s price had dropped 1.92% over the previous day to $0.00000799 as of the writing. In June of this year, SHIB was last trading at or close to this level.
According to data from IntoTheBlock, the proportion of Shiba Inu owners who are in the black now stands at 12%. This proportion had been approximately 16% at the beginning of the week, but it reduced as the SHIB price plummeted.
According to whether addresses are making money (in the money), breaking even (at the money), or losing money (out of the money) on their positions at the current price, IntoTheBlock’s “In/Out of the Money” feature shows the percentage of holders who are making money at the current price.
Currently, 12% of Shiba Inu holders are in the money, 10% are at the money, and 78% are out of the money, according to statistics from IntoTheBlock.
Shiba Inu price action
After reaching peaks of $0.0000113 on August 12, the price of SHIB rapidly decreased. In particular, SHIB discovered a double top formation close to this level, which brought about a drop.
Due to the falls, SHIB was trading below its 50 and 200 day moving averages, which are placed at $0.00000849 and $0.00000968, respectively.
In order to trend higher and validate a retest of the $0.000011 levels, a bullish return may cause SHIB to attack these crucial zones as resistance. In this case, the first indication of strength may be a closing above the moving average.
The moving averages on the four-hour chart of Shiba Inu are ready to cross, which will print a significant signal on its short-term charts as well. In the near term, the trend may be determined by the results of the golden cross or death cross.
In the next days, good news regarding the Shibarium and SHIB ecosystem may also act as a price catalyst. Shibarium has been improved and optimised, and according to the most recent update provided by Shiba Inu head Shytoshi Kusama, it is almost ready to reopen to the public.
Similar to how the overall market trend may affect SHIB price changes in the next days.
