Shiba Inu Market Resilience Amid Volatility
Recent on-chain analytics have uncovered an interesting trend among Shiba Inu investors. Despite a general dip in SHIB’s market price, investors continue to hold a substantial volume of tokens—totaling 733 trillion—showing 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 coin’s 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 token’s 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:Notably, this upward trajectory in value mirrors the asset’s 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.
1/ has successfully completed its hard fork at block height 4504576!By improving the calculation of state sync confirmation and ensuring deterministic finality, the Shiba Inu team appears keen on improving the network’s reliability and scalability. Featured image from Unsplash, Chart from TradingViewGet ready for:
— Shibarium Network (@ShibariumNet)
•Blazing-fast transactions! ⚡
•Predictable gas fees! ⛽️