Shiba Inu (SHIBUSD) Has Withstood Bearish Pressure, 36.95% of Token Supply in Profit

SHIB investors hold strong amid bearish trends. Despite delays in experiencing a breakout, a significant 123.27 trillion SHIB are in profit.

Shiba Inu (SHIBUSD) has been battling bearish pressure in the last 30 days. While the dog-themed meme coin is yet to break out of the persistent selling trends, a significant portion of SHIB is in profit.

According to IntoTheBlock data, around 123.27 trillion SHIB, or 36.95% of the total token in circulation, is in the green.

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

Analysts consider this a great feat for SHIB, especially given its price outlook on the broader cryptocurrency market.

As of 07:38 ET on Wednesday, SHIB is switching hands at $0.00001252, down 3.01% in the last 24 hours.

The technical indicator Relative Strength Index (RSI) for Shiba Inu stands at 42.66, indicating that the token is not massively oversold. However, it has seen some recovery from the oversold territory it entered earlier this month.

ShibA inu has seen limited buying activity in the last 24 hours as trading volume plummeted by 19.80% to $143.11 billion.

Amid this downward pressure, SHIB has found support at $0.000012 in the last seven days. This might be due to the community's support in reducing tokens in circulation via the burn mechanism. Notably, in the last 24 hours, the burn rate has 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 worth 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.

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