Shiba Inu (SHIB) Investors Hold Strong Amidst Bearish Pressures, 36.95% of Tokens Are Now Profitable

Shiba Inu (SHIB), a dog-themed meme coin, has battled bearish pressure in the last 30 days. Despite delays in experiencing a breakout, a significant 123.27 trillion SHIB are in profit.

Shiba Inu (CRYPTO: SHIB) has been battling bearish pressure in the last 30 days. Despite delays in experiencing a breakout, a significant 123.27 trillion SHIB are in profit.

According to IntoTheBlock’s data, this amounts to 36.95% of the total token in circulation.

The volume of SHIB "in the money" is valued at approximately $1.54 billion. This development signals that the meme coin has continued to thrive despite the market downturn and its impact on it.

Analysts consider this finding to be noteworthy, given SHIB’s price action on the broader cryptocurrency market. At the time of writing, SHIB is being traded at $0.00001252, showing a decrease of 3.01% over the last 24 hours.

Also, traders did not engage in active purchases of the token as the trading volume plummeted by 19.80% to $143.11 million in the same time frame.

Amid this downward pressure, SHIB has found support at $0.000012 in the last seven days. This might be due to the community’s efforts in reducing the tokens in circulation through the burn mechanism. Notably, in the last 24 hours, the SHIB burn rate soared by 495% as over 14 million SHIB were wiped out.

Meanwhile, "out of the money" SHIB represents 59.13%, or 827.32 trillion SHIB in circulation. These tokens are valued at about $10.34 billion.

A total of 33.97 trillion SHIB are currently "at the money." This accounts for 3.92% of SHIB, valued at $424.49 million.

Could Growing Adoption Fuel SHIB’s Next Move?

Shiba Inu might experience an upward surge soon, as it has been receiving interest from major investors.

As reported by U.Today, a major dormant Ethereum (CRYPTO: ETH) whale made an enormous investment, acquiring over 64 billion SHIB tokens.

This signals that the cryptocurrency is being actively purchased by large investors, who are optimistic about its future gains.

Another sign suggesting positive indicators for Shiba Inu is that the blockchain recently surpassed 1.5 million holders.

Many analysts consider the growth of a cryptocurrency’s holder count to be a strong indicator of its adoption and sustained investor interest, a combination that may trigger the next rally.