Over 29 Trillion Shiba Inu Regain Profitability as SHIB Sees 22% Growth

Over 29 Trillion Shiba Inu Regain Profitability as SHIB Sees 22% Growth

Time Stamp: June 22, 2023 11:33 AM

Shiba Inu’s soaring value catapults it to 14th position, with over 29 trillion SHIB tokens regaining profitability as investors rejoice.

Shiba Inu, the canine-inspired crypto, continues to captivate the crypto market with its skyrocketing value, leaving traders and enthusiasts in awe. Over the past 24 hours, Shiba Inu experienced an impressive 11% hike, propelling it four steps up to an enviable 14th position in the CoinMarketCap rankings.

Also, Shiba Inu has recorded a staggering 22% increase on a seven-day scale amid the broader crypto market recovery. What truly sets this recovery apart is the sheer number of addresses now reaping the rewards. 

Shiba Inu On-chain Data of Profitable Holders

The rapid climb propelled its market cap to a staggering $4.72 billion, with 29.9 trillion Shiba Inu coins regaining profitability, according to data from the well-known analytic firm IntoTheBlock. Remarkably, this impressive rise in profitability applies to Shiba Inu traders and investors who bought the coin between $0.000007 and $0.000009.

IntoTheBlock data shows that more than 77,280 addresses bought Shiba Inu within the above range. This implies that nearly 50% of the global number of profitable addresses, 165,530, have made gains for buying Shiba Inu between $0.000007 and $0.000009 this week.

29T shib in profit

29T shib in profit

Source IntoTheBlock

The remarkable price performance not only bolstered investors’ portfolios but also propelled Shiba Inu to claim four positions on the ranking of the most significant crypto projects. This may be attributed to recent positive developments surrounding the Shiba Inu ecosystem.

Shib Price Targets

According to SHIB Knight, a prominent figure in the Shiba Inu community, SHIB is showing upward momentum within the support zone, with potential targets at $0.00000834, $0.00000852, and $0.00000882.

The tweet also highlights support levels at $0.00000803, $0.00000794, and $0.00000781 for reference.

The Shiba Inu community has eagerly anticipated the launch of Shibarium, the scalability solution to the network. As The Crypto Basic reported this week, the Shiba Inu development team reset the Shibarium block explorer, Puppyscan, to capture recent updates.

Last week, the Shiba Inu development team launched Shibacals, a physical product representing a distinctive real-world component within Shiba Inu. Notably, the launch of Shibacals is a step closer to the highly anticipated Shabarium, as The Crypto Basic reported from Shiba Inu’s lead developer. 

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Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.

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