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Ekta Mourya
FXStreet
Shiba Inu price plunged in the recent altcoin bloodbath, alongside a drop in Bitcoin price. Shiba Inu price has recovered from the drop and started an uptrend.
Based on data from crypto intelligence platform IntoTheBlock, a minority of Shiba Inu holders, 40%, are profitable at the current price. Despite its recovery, Shiba Inu token holders suffer from the memecoin’s losses.
Shiba Inu price is currently 70% away from an all-time high. IntoTheBlock identifies wallets of traders with Shiba Inu balance and the average price of the tokens. Comparing the purchase price to the current price of the token offers insights into the profitability of Shiba Inu holders.
A Shiba Inu token holder is considered underwater if the average purchase price of SHIB is greater than the current price. 70% of the token holders are underwater, according to IntoTheBlock.
WhaleStats, a platform that monitors the activity of large wallet investors, has observed the 1,000 non-exchange Ethereum whales. These whales account for nearly $1.5 billion worth of Shiba Inu. The memecoin is their second-largest altcoin holding.
Analysts have evaluated the Shiba Inu price trend and believe that the memecoin is in the buy zone. @AltcoinSherpa, a pseudonymous crypto analyst, waits for Bitcoin to recover before retail investors start accumulating the memecoin.
$SHIB: This is just painful to see…it’ll eventually be a good buy but I am more waiting for btc to recover/market to start doing well. Once I start to think more retail is coming in, I’ll start to accumulate this one. #SHIB pic.twitter.com/1uyKE8hVHg
FXStreet analysts believe that Shiba Inu is in a highly oversold territory. Analysts have predicted that there may be a relief rally to $0.000078.
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Cardano price is ready to run to the $0.55 level in the current uptrend. Analysts have revealed a bullish outlook. IOG recently published the weekly development update detailing successful tests conducted ahead of the Vasil Hard Fork.
Dogecoin price is struggling to break out of its downtrend and begin a recovery. Several influencers in the Dogecoin community recently criticized Binance’s staking program, and the exchange offered an explanation.
XRP succumbed to developments in the SEC v. Ripple case and the crypto ecosystem, dropping to $0.36. The SEC has filed a complaint accusing ten companies of violating securities laws in its tactic of regulation by enforcement.
Analysts have observed a cup-and-handle formation in the ETH-BTC price chart ahead of the transition to the Proof-of-Stake consensus mechanism. Ethereum has bullish potential to run up to $2,000 in the current uptrend.
Bitcoin price has noticed a large shift in sentiment from being overly bearish to optimistic. Although greed is still out of the equation, things could soon reach these levels, especially if the trend continues as it has over the last ten days.
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