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As the Shiba Inu ($SHIB) price continues to navigate through a period of consolidation, on-chain data reveals a surprising insight: a massive 733 trillion $SHIB tokens held in wallets remain profitable despite the current lull in $SHIB's price. This revelation underscores the resilience and long-term commitment of $SHIB holders, despite short-term fluctuations in market sentiment.
The Break Even Price indicator looks at realized gains and losses based on on-chain data for addresses that are currently holding the crypto asset. Despite the recent $SHIB price lull, this on-chain indicator reveals a substantial portion of $SHIB holders continue to hold onto their tokens at levels where they are in profit.
According to IntoTheBlock's breakeven price indicator, a whopping 733.61 trillion $SHIB held by 653,530 Shiba Inu addresses are in profit, having been bought in the range of $0.000002 and $0.000022 at an average price of $0.000011.
This figure highlights the significant accumulation of tokens by $SHIB holders who have weathered multiple market cycles and remain committed to their hodling strategy.
Furthermore, this might suggest that many holders are taking a long-term perspective on their $SHIB holdings. Rather than succumbing to short-term market volatility, these holders are focused on the potential future growth and adoption of $SHIB, as well as the development of the broader Shiba Inu ecosystem.
$SHIB price action
At the time of writing, $SHIB was up 4% in the last 24 hours to $0.00002372, matching the general market recovery. After five straight days of falls, the $SHIB price began to recover from its May 1 low of $0.0000223.
Shiba Inu is continuing its recovery into the third day, achieving highs of $0.00002383 in today's session. Shiba Inu has been consolidating in a large range between $0.00001837 and $0.00003285, following its slide from highs of $0.000045 on March 5.
In the very short term, a sustained break above the daily moving average 50 at $0.00002635 might spark a new move for the $SHIB price, with targets at $0.0000328 and, eventually, the $0.0000457 level.