April 24, 2024

Shiba Inu has recently surfaced as a higher runner in the current bullish market, showcasing an impressive 78.3% rally within only ten days. The digital asset reached a 24-hour peak of $0.00004533, solidifying its position as one of the top-performing tokens on the market.

A noteworthy aspect of Shiba Inu’s recent surge is the substantial profitability experienced by its holders.

Shiba Inu Surges Amid Accumulation

According to data from market intelligence platform IntoTheBlock, 84% of SHIB holders find themselves in profit at the current price of $0.00003892. On the other hand, 12% are currently at a loss due to previous entry into the market at a higher valuation. 

However, 4% of SHIB holders are at a break-even point, neither gaining nor losing significantly. Beyond the immediate market dynamics, an impressive 77% of SHIB investors have demonstrated a long-term commitment by holding onto their assets for over a year.

Meanwhile, 20% of holders acquired their SHIB tokens within the last 12 months, while 3% of investors new to the Shiba Inu market have held the asset for less than a month.

Assessing the distribution of SHIB tokens across 1,376,344 wallets adds another layer of insight into the cryptocurrency’s ecosystem. 

About 73% of these wallets hold large amounts of SHIB and are associated with crypto exchanges, smart contracts, and other influential entities. This percentage shows the involvement of key players who are particular about shaping the dynamics of the Shiba Inu market.

Meanwhile, over the last seven days, whale transactions with a cumulative value surpassing $100k have reached an impressive $3.79 billion. The data from IntoTheBlock revealed that March 4 saw a notable spike, with 2,222 transactions of this size.

This surge is a clear improvement from the 495 whale transactions recorded on the last day of February. As for investor sentiment, IntoTheBlock foresees a growing bullish outlook on SHIB among crypto market participants. This sentiment could contribute to additional gains in the days ahead.

Analyzing the SHIB Coin Price

In the recent trading sessions, there has been a significant rally among meme coins like SHIB, DOGE, and PEPE. SHIB, specifically, recorded an impressive surge above the $0.000010 mark till it surpassed $0.000040, signaling a shift toward bullish territory.

Over the last ten days, the value of Shiba Inu has recorded a remarkable 380% uptick, propelling it to a two-year peak of $0.00004574. Despite a slight retracement, the coin quickly recovered, showcasing the strong momentum that is currently driving the meme cryptocurrency sector.

Additionally, the 24-hour trading volume for Shiba Inu recorded a noteworthy 216% increase, reaching $15.05 billion. Throughout the past week, SHIB’s price fluctuated between $0.000010 and $0.000045, reflecting its bullish trend and an upward trajectory.

According to the latest CoinMarketCap data, Shiba Inu has secured the 10th position among the largest cryptocurrencies, with a market cap of approximately $5.04 billion.

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