Shiba Inu (SHIB) is on the verge of a potential profit surge, as 49% of SHIB holders are currently profitable at the price of around $0.00001499. On-chain data suggests this marks a significant improvement, indicating the possibility of a noticeable increase in profitability if prices continue to rise in the coming days.
Whale Influence on SHIB’s Price Movement
Whales still play a substantial role in Shiba Inu’s market dynamics. Around 73% of SHIB’s large holders are classified as whales, meaning these major investors hold a significant portion of the asset. As a result, their buying or selling activity could trigger significant price shifts. The broader cryptocurrency market, especially Bitcoin, also has a strong influence on SHIB’s price movements due to a high correlation of 0.89 between the two assets.
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Any notable price shifts in Bitcoin are expected to impact SHIB’s trajectory as well. While exchange signals for SHIB show bullish momentum, on-chain data presents a more mixed outlook. On-chain indicators like network growth and large transactions have declined by 2.61%.
Source: IntoTheBlock
However, there are still positive signs, such as the smart price metric, which is slightly positive at 0.24%. Additionally, the bid-ask volume imbalance has risen by 128.19%, suggesting growing demand on exchanges. This increase in trading volume may drive SHIB’s price upward in the short term.
Key Price Levels to Watch
A critical price threshold for SHIB is currently at $0.00001700, where the 100-day exponential moving average (EMA) is located.
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If SHIB can break above this level, it could ignite a stronger rally, attracting more buyers and potentially driving the asset into profitability for a larger percentage of holders. A breach of this price barrier would increase investor interest, leading to heightened chances of profitability for SHIB investors.
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With these factors in play, SHIB’s future looks cautiously optimistic as it edges closer to becoming more profitable for its investors.
