Shiba Inu’s profitability has reportedly grown marginally as the SHIB price has returned to a critical level, according to statistics from IntoTheBlock.
To acquire an overall picture of the profitability of a particular crypto asset, the on-chain analytics tool IntoTheBlock classifies addresses and tokens in accordance with these categories.
These are categorised according to whether they are in the money (profiting), at the money (breaking even), or out of the money (losing money) on their positions at the current price. This is accomplished by calculating the average cost of an address using the weighted average price at which it purchased the tokens it currently holds.
Shiba Inu addresses that are profitable have increased from the 7% they were last week at the height of the sell-off to the current 9%.
Shiba Inu was affected by the broader crypto market sell-off last week, plunging to lows of $0.00000671 on October 11 and ceding the fiercely protected $0.000007 to the bears.
The $0.000007 level was not completely lost, however, as buyers entered at the $0.00000671 low and SHIB gradually started to rebound.
Shiba Inu has recorded three straight days of green since October 11, reaching a peak of $0.00000711 on October 14. SHIB was continuing gaining at the time of writing and had increased by 1.04% over the previous day to reach $0.000007.
Bulls are currently making a determined effort to hold the $0.000007 level; if successful, SHIB may then go for the $0.0000074 barrier at the daily MA 50. On the other side, if bearish pressure resumes, SHIB may see a retest of the $0.0000067 level.
Shiba Inu fires are still occurring, albeit steadily. Shibburn reports that a total of 13,339,085 SHIB tokens were burned in 23 transactions throughout the course of the previous day. A total of 278,909,750 SHIB tokens were burnt in 159 transactions over the last seven days.
