Shiba Inu Stands Strong: Over 650K Wallet Addresses Still Profitable Amid Recent Price Drop
Shiba Inu (SHIB) has demonstrated resilience despite recent market downturns. Data reveals that roughly over 700 trillion SHIB tokens held by more than 650,000 wallet addresses remain profitable, reflecting steadfast confidence among holders in the tokens long-term value.
Shiba Inu Market Resilience Amid Volatility
Recent on-chain analytics have uncovered an interesting trend among Shiba Inu investors. Despite a general dip in SHIBs market price, investors continue to hold a substantial volume of tokenstotaling 733 trillionshowing unrealized gains.
These holdings, maintained by approximately 653,530 individual wallets, were acquired at prices ranging from $0.000002 to $0.000022, averaging out at $0.000011.
This indicates not only a significant level of acquisition but also a broad base of investors who entered the market at lower valuations, positioning themselves in profit despite the coins fluctuating fortunes.
The Break Even Price indicator, a crucial tool derived from on-chain data, suggests that many SHIB holders are still in the green financially. This could point to a collective strategy among holders to weather short-term price movements, with an eye on potential long-term returns.
Such data reinforces the notion of SHIB as more than just a speculative asset, hinting at a deeper conviction among its community regarding the tokens future potential.
Long-Term Outlook And Ecosystem Developments
Despite a decline of 5.2% over the past week and 11.9% over the past month, Shiba Inu has seen a recent uptick of 3.3% in its price in the last 24 hours, trading at $0.00002389.
The SHIB price is moving sideways on the 4-hour chart. Source: SHIB/USDT on TradingView
Notably, this upward trajectory in value mirrors the assets trading volume, which has also surged from below $400 million last week to above $600 million as of today.
This recovery aligns with significant developmental strides within the Shiba Inu ecosystem, particularly the completion of a hard fork in its Layer-2 blockchain solution, Shibarium.
The Shibarium hard fork, executed at block height 4504576, introduced enhancements aimed at improving usability and transaction efficiency. This was a response to community feedback advocating better performance and lower costs.
This upgrade is expected to boost transaction speeds and stabilize transaction fees on Shibarium, making costs more predictable for users.
Moreover, the recent hard forks dual focusenhancing the Bor and Heimdall components of Shibariumaims to refine the platforms technical infrastructure.
1/ #Shibarium has successfully completed its hard fork at block height 4504576!
Get ready for:
Blazing-fast transactions!
Predictable gas fees! pic.twitter.com/oQrtF3OMTeShibarium Network (@ShibariumNet) May 2, 2024
By improving the calculation of state sync confirmation and ensuring deterministic finality, the Shiba Inu team appears keen on improving the networks reliability and scalability.
Featured image from Unsplash, Chart from TradingView
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
Source: NewsBTC.com
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