130T SHIB Tokens Are Profitable at the Current Price of Shiba Inu

According to on-chain data, 130 trillion SHIB tokens are profitable at the current price of Shiba Inu, as the popular dog coin faces a potential price move.

Shiba Inu price is showing signs of a potential price move as 130 trillion SHIB tokens are still in the money (ITM) at the current price, according to on-chain data from IntoTheBlock.

At press time, Shiba Inu was trading at $0.00001349, showing a 3% gain in the last 24 hours.

Shiba Inu has been steadily increasing since March 22 and has marked three straight days of gains. The token is also up 7% on the week. Today's move has seen highs of $0.0000137 where SHIB encountered some profit-taking.

How Shiba Inu behaves around the short-term barrier between $0.0000137 and $0.0000138 would decide its next move.

A sustained break would target the daily SMA 50 at $0.00001415 which could yield massive gains for the SHIB price with sights set on the daily SMA 200 at $0.00001915 and $0.000029.

On the other hand, support is envisaged at $0.00001082 if the Shiba Inu price faces rejection at the said barrier.

Shiba Inu: 130.83 Trillion Tokens Are Profitable

According to on-chain data from IntoTheBlock, 130.83 trillion SHIB tokens are currently profiting, or "in the money," at SHIB's present price, which could either fuel further accumulation or trigger profit-taking.

At the current price, 64.64% of SHIB's circulating supply has entered the money, suggesting that a portion of traders could begin taking profits if the token experiences a significant rally.

On the other hand, if the price trends lower, there's potential for traders to buy the dips en-masse in anticipation of a recovery in SHIB.

Shiba Inu price action

Shiba Inu is known for its volatile price swings, which could lead to rapid gains or losses for traders.

Recently, SHIB has been showing strength as it trades above the 200-SMA on the 4-hour chart, a technical indicator that often provides support or resistance for price movements.

A break above the 50-SMA could open the door for further bullish momentum in the short term.

Meme coins benefit from market optimism

Meme coins, being highly speculative assets, often react sharply to broader crypto market trends, providing options for retail traders seeking higher-risk, higher-reward trades.

Last week, the Federal Reserve made adjustments to inflation forecasts and growth projections while keeping plans for two rate cuts in 2025, which provided a boost to risk assets.

This has contributed to market optimism, and meme coins are leading the way with several tokens in the category reporting substantial weekly increases.

Retail traders often perceive strength in major cryptos as an indication of positive sentiment across the crypto ecosystem, leading them to pursue higher-risk, higher-return alternatives such as meme coins which are typically priced lower and can generate rapid gains in relatively short time frames.