thecryptobasic.com
Shiba Inu (SHIB) recorded a massive 47% uptick in February, an upshoot that stirred a shift in the total number of addresses in profit.
Shiba Inu is one of the major beneficiaries of the ongoing bull run, stirred by the jump in the price of Bitcoin (BTC) above the $60,000 resistance zone. SHIB did not just join the rally, it changed the fortune of its holders.
Data from the crypto analytics platform IntoTheBlock (ITB) currently pegs the SHIB addresses in profit at 55.47%.
SHIB Profitability Spikes
Notably, addresses enter profitability when the current price of the token exceeds the price at which they bought the asset. Per the data showcased, a total of 737.94K addresses are now profitable.
To achieve this feat, 225.4K addresses acquired 74.4 trillion worth of SHIB for a maximum of $0.000008. The largest cohort featuring about 464,670 addresses stacked up 320.65 trillion SHIB at an average price of $0.000010.
With the price of Shiba Inu clearing one zero to soar 37.83% in the past week and by more than 47% in February to $0.00001313, these acquisition price levels were triumphantly breached.
Data confirms that approximately 42.9% or 570,680 addresses are out of the money with roughly 21,730 or 1.63% of holders at their break-even points.
SHIB Resistance Clearing Off
Per the data from IntoTheBlock, SHIB selloffs may not be a threat in the foreseeable future, as the number of holders at the most crucial price levels is not strong enough to pull a major slump.
Shiba Inu currently has numerous forecasts that show there is a renewed optimism within the ecosystem. The optimism is also expanding with the likely presence of Shytoshi Kusama at the ongoing ETHDenver 2024.
Before the event ends on March 7, there may be a major development update that would complement the ecosystem’s strides since the start of the year. But this remains speculative at this point.