Shiba Inu (SHIB) Back in the Green as On-Chain Data Reveals 41 Trillion Tokens Are Now Profitable

Shiba Inu (SHIB) has been in the spotlight once again as on-chain data reveals that 41 trillion SHIB tokens are now back in the green.

Shiba Inu (CRYPTO: SHIB) is back in the green as 41 trillion SHIB is now in profit, on-chain data from Santiment shows. This comes as the meme coin has seen some price stabilization, but it remains nearly flat compared to other coins that are continuing to recover.

What Happened: A massive portion of Shiba Inu investors are now seeing profit as SHIB has stabilized in price, offering some relief to long-term holders who have seen the token endure a prolonged bear market.

However, while this increase in profitability is a positive development, it does not necessarily indicate a breakout. The asset is still struggling with a descending trendline, acting as a key resistance that is preventing any significant upward movement.

Despite making several attempts to break through, SHIB has been unable to pierce through the strong resistance zone. It has been repeatedly rejected at the $0.0000105 level, and another attempt at breaking through the resistance was stalled at the $0.000012 key level.

This inability to move beyond these resistance levels is a concern, as it signals that bears are still exerting pressure on the asset.

The lack of momentum for SHIB is also evident when comparing it to Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH), which have both seen strong rebounds.

BTC Price Movement: Bitcoin is currently trading at $70,000, showing a 146% price increase from its 2022 lows of $28,000.

ETH Price Movement: Ethereum is priced at $2,000, showcasing a 200% price recovery from its 2022 lows of $6,000.

However, SHIB has yet to fully recover to reflect these levels of growth. It is still lagging behind in its price action, which could indicate that investors are hesitant to pour money into the asset just yet.

Related: Is A Bitcoin Breakout Imminent? Key Levels To Watch

Why It’s Important: Compared to other leading cryptocurrencies, Shiba Inu is struggling to capture the same bullish momentum. Bitcoin has seen an uptrend that is leading to new highs, while Ethereum is also quickly approaching previous price peaks.

However, SHIB has barely moved, and closer inspection reveals that the selling pressure is returning at these key levels, preventing the token from experiencing the same levels of growth.

This could be due to several factors. Firstly, SHIB is still in a bear market, while Bitcoin and Ethereum have already entered a bull market. This difference in market cycle could account for the disparity in momentum.

Another factor could be the broader market sentiment. Investors may be more bullish on Bitcoin and Ethereum due to their dominance and technological advancements.

What’s Next For SHIB?For SHIB to regain traction and mirror the broader crypto market’s recovery, a few key developments would be required. A breakout from the key resistance zone is essential to signal a shift in momentum.