Shiba Inu price movement has been marked by ups and downs over the past seven days. Notably, the meme coin rose from $0.00001660 to $0.00001996 in three days before dropping sharply to $0.00001770 in the following three days. This volatile action on Shiba Inu prices has led to fluctuating profitability for many SHIB addresses, with some holders briefly seeing gains before the downturn pushed a significant number back into loss territory.
According to data from on-chain analytics platform IntoTheBlock (ITB), the sharp drop in Shiba Inu price resulted in losses for approximately 44% of holders.
Fluctuating Shiba Inu Profitability Number
On-chain data from analytics platform IntoTheBlock (ITB) reveals that the recent drop has had a notable impact on the profitability of addresses holding Shiba Inu.
The price of the Shiba Inu I started the week on a positive note. Notably, the Shiba Inu price increased alongside the entire crypto market, rising from a low of $0.00001660 on October 26 to a high of $0.00001996 on October 29. This 20% increase in three days surprised many investors and raised hopes of lasting gains.
Additionally, this rise has seen more than 30,000 Shiba Inu addresses become profitable, according to the “In/Out of the Money”. metric by IntoTheBlock. This metric tracks the total number and percentage of addresses in profits, losses, and money based on the price of the crypto asset.
However, this optimism was short-lived, as the price quickly reversed its trend and plunged from $0.00001996 on October 29 to $0.00001770 on November 1, essentially starting the month on a negative note. This 11% drop saw around 25,000 holders suffer losses, according to the ITB “In/Out of the Money” metric.
Current profitability of the Shiba Inu
At the time of writing this article, the Shiba Inu price has managed to bounce on it support at $0.00001770. At the time of writing, Shiba Inu is trading at $0.00001781 and is up 3.2% in the last 24 hours.
According to IntoTheBlock data on all addresses currently holding SHIB, approximately 713,960 addresses are currently beneficiaries. This represents approximately 52.5% of the total SHIB addresses. On the other hand, 606,700 addresses are in losses, or 44.62% of the total SHIB addresses. Interestingly, 39,000 addresses, representing 2.87% of total SHIB addresses, are “in the money.” This means that there are no losses or profits.
Profitability around the current price also shows more holders in profit. According to IntoTheBlock, 83,470 addresses purchased between $0.000015 and $0.000020 are currently in profit.
This represents approximately 60% of addresses that purchased within this range. On the other hand, 54,700 addresses in this cohort are in losses, or 39.32%. Finally, 931 addresses (0.67%) that purchased SHIB between $0.000015 and $0.000020 are in the money.
Featured image created with Dall.E, chart from Tradingview.com