|

Shiba Inu price hits $0.000010 turning nearly 485,000 SHIB holders profitable

  • Shiba Inu price climbed to $0.000010, eating a zero and crossing into a crucial demand zone for SHIB. 
  • SHIB price could zoom past the resistance at $0.000011 and climb to $0.000014. 
  • Shiba Inu supply on exchanges remains relatively low, supporting SHIB price gains. 

Shiba Inu price climbed to $0.000010, dropping a zero in its price this week. The meme coin’s recent move has turned over 22% SHIB holders profitable. At the current price level, wallet addresses holding 134.63 trillion SHIB are profitable.

Shiba Inu’s on-chain metrics support the meme coin’s recent gains.

Also read: Bitcoin price rallies to $44,000 as Spot BTC ETF deadline looms

Shiba Inu on-chain metrics signal bullish outlook on SHIB

  • On-chain data from crypto intelligence tracker Santiment reveals bullish signs for SHIB price. 
  • SHIB supply on exchanges is currently 7.84% of the asset’s total supply, according to Santiment data. 
  • The meme coin’s supply remains relatively low, ensuring that SHIB does not face intense selling pressure that pushes the asset’s price down. 
  • Shiba Inu price is $0.00001039 at the time of writing.
SHIB

Shiba Inu supply on exchanges. Source: Santiment

  • Shiba Inu price is in a critical demand zone where 89,360 wallet addresses accumulated 134.63 trillion SHIB tokens. Once SHIB price crosses the upper boundary of the zone at $0.000011, the path to $0.000014 is likely clear for the meme coin, as seen in the Global In/Out of the Money chart below. 
Global In/Out of the Money

Global In/Out of the Money. Source: IntoTheBlock

Shiba Inu price outlook is bullish on high time frames

Crypto analyst behind the Twitter handle @Mangyek0, predicts a rally in Shiba Inu price. The analyst comments on Shiba Inu’s price rally compared to other meme coins in the crypto ecosystem. 

At the time of writing, Shiba Inu price yielded nearly 2% daily and nearly 6% weekly gains for holders.

Author

Ekta Mourya

Ekta Mourya

FXStreet

Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.

More from Ekta Mourya
Share:

Markets move fast. We move first.

Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.

By subscribing you agree to our Terms and conditions.

Editor's Picks

Avalanche struggles near $12 as Grayscale files updated form for ETF

Avalanche trades close to $12 by press time on Wednesday, extending the nearly 2% drop from the previous day. Grayscale filed an updated form to convert its Avalanche-focused Trust into an ETF with the US Securities and Exchange Commission.

Bitcoin slips below $87,000 as ETF outflows intensify, whale participation declines

Bitcoin price continues to trade around $86,770 on Wednesday, after failing to break above the $90,000 resistance. US-listed spot ETFs record an outflow of $188.64 million on Tuesday, marking the fourth consecutive day of withdrawals.

Michael Selig assumes role as new CFTC Chair, what does this mean for crypto?

Michael Selig has been sworn in to serve as the 16th Chairman of the Commodity Futures Trading Commission. Selig was confirmed by the US Senate to head the commission last week, following his October nomination by the US President Donald Trump.

Crypto.com hires sports trader for event prediction market-making

Crypto.com plans to recruit a quant trader for the sports market-making team to buy and sell financial contracts related to these events. Opponents argue that internal trading desks put operators or their affiliates on the opposite side of customer trades. 

Orange Juice Newsletter – Smart insights by real people. Every day.

A free newsletter highlighting key market trends to help traders stay a step ahead. Daily insights on the most relevant trading topics, compiled by our experts in an easy-to-read format so you never miss an important move.

Bitcoin: Fed delivers, yet fails to impress BTC traders

Bitcoin (BTC) continues de trade within the recent consolidation phase, hovering around $92,000 at the time of writing on Friday, as investors digest the Federal Reserve’s (Fed) cautious December rate cut and its implications for risk assets.