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

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.

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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.

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. 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.