Shiba Inu (SHIB) has experienced a significant 20% increase in profitability, hinting at a potential recovery and a possible bullish run for the cryptocurrency. Recent data suggests that 55% of SHIB holders are currently in profit, marking a notable rise from previous levels. This uptick in profitability could attract more investors who see fresh growth opportunities in SHIB.
Furthermore, with 73% of SHIB holdings concentrated among large investors, commonly referred to as whales, it indicates that significant portions of the asset are still held by influential entities. Despite recent bearish activity from whales, the overall sentiment for Shiba Inu could turn more positive with the recent surge in profitability.
Long-term holders, accounting for 79% of SHIB holders who have owned the asset for over a year, provide a stable base. If the current upward trend persists, these dedicated holders might be prompted to increase their positions, potentially driving up the price of SHIB. From a technical standpoint, SHIB is currently trading above key exponential moving averages (EMAs), namely the 50-day, 100-day, and 200-day EMAs, signaling a strengthening trend.
However, bearish on-chain signals, such as a decrease in large transactions and limited network growth, suggest that the overall sentiment remains predominantly bearish for SHIB.
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Disclaimer: Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto users should research multiple viewpoints and be familiar with all local regulations before committing to an investment.
