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Shiba Inu (SHIB) is on the cusp of a breakout, however, the current bearish drawdown is further elongating the time frame for this bullish burst. Per data from the crypto analytics platform IntoTheBlock (ITB), the meme coin’s profitability is notably showcasing another basis to project an imminent uptrend ahead.
The data showed that the number of profitable addresses, or wallets “in the money,” in the Shiba Inu ecosystem comes in at 902,960 addresses, or 67.23% of the total on the network. Addresses “out of the money” are notably fewer, at 352,190, or 26.22%. Addresses “at the money,” or break-even point, are worth 88,020, or 6.55%.
A lot of the In and Out of the Money chart on ITB shows the formidable support for SHIB is pegged at the $0.000023 level, where a total of 76.6 trillion tokens was purchased by 84,740 SHIB addresses. The resistance, on the other hand, is placed at the $0.000033 mark, where 20.97 trillion SHIB were stacked up by 137,600 addresses.
With the broad majority in profit, more traders may be more inclined to ride the minor gains in the near term, giving SHIB enough room to chart its budding price upshoot.
Shiba Inu whales, burning and Shibarium
It is almost impossible to analyze the prospects of Shiba Inu jumping above its current level without mentioning its major growth triggers, the whale or large transaction outlook, the SHIB burn metrics and the role of Shibarium.
The ITB data shows large transactions jumped by a massive 179.48% in 24 hours to $163.12 million. These large transactions account for those valued at $100,000 or more and have become more prevalent within the network, as showcased in earlier U.Today reports. These growing accumulations will help trigger a supply crunch that can impact the price rally in the long term.
Intense SHIB burning is also a complimentary uptick for the price surge. Additionally, with more transactions being recorded on its associated Shibarium protocol, the robust network activity shows health, and this is likely to attract more users over time.
