Recently, there has been a notable upswing in the cryptocurrency market, characterized by increased volatility. However, the latest wave has been particularly encouraging. Over the past few days, the market has predominantly exhibited positive indications, with several cryptocurrencies, including Bitcoin (BTC) and meme coins, such as Shiba Inu (SHIB), achieving significant gains. Notably, SHIB has stood out by consistently surpassing others, exhibiting a consistently upward trend.
As shown in the provided chart, Shiba Inu has substantially increased its value since the beginning of the month. The Relative Strength Index (RSI) has also indicated a consistent growth in buying activity within the SHIB market during this time frame. Currently, the RSI indicator is approaching the overbought zone.
Corresponding to the significant rise in the asset’s value, there has been a notable upsurge in substantial transactions occurring within the network. At present, the volume of these large transactions is $7.38 million, indicating a daily increase of 22.25%.
The beneficiaries of this upward trend were the individuals holding Shiba Inu. A significant proportion of these holders were observed to be profitable. While more addresses were facing losses, the recent surge relieved numerous investors.
Related Reading: Shiba Inu Records Notable Gains, Outperforms Other Top Crypto Assets
Thousands of Shiba Inu Addresses Still in Loss
According to the data from IntoTheBlock, a notable portion of Shiba Inu holders are currently enjoying profitable returns. However, out of the total SHIB holders, 47.98K addresses, equivalent to 36.32%, are profitable based on the current price. On the other hand, 78.65K addresses, comprising 59.54%, are trading Shiba Inu at a loss, with a price of $0.00000700.
Furthermore, 5.47K addresses, representing approximately 4.14% of the total, currently hold SHIB at a breakeven point. This means that the tokens held at this price are neither in a state of profit nor loss.
As of the time of writing, SHIB was being traded at $0.000007358, showing a daily increase of 3.09%. This rise was achieved after hitting a weekly low of $0.00000652. Shiba Inu recorded a weekly gain of 7.8%.
