TLDR
SHIB price has rebounded to near $0.00003, with 69% of holders now in profit and 24% at a loss
Technical analysis suggests potential for upward trend continuation, with analyst Javon Marks projecting possible rise to $0.000081
Current burn rate shows 79% decrease in last 24 hours with 3 million coins burned
On-chain metrics indicate bearish whale sentiment with low accumulation and network growth
Trading at $0.000029 with 8% gain in 24 hours
The cryptocurrency Shiba Inu (SHIB) has shown a notable price recovery, moving toward the $0.00003 level with current trading at $0.000029. Data from CoinMarketCap reveals an 8% increase in the last 24 hours, marking a positive turn for the popular meme token.
Recent data from blockchain analytics platform IntoTheBlock indicates that 69% of SHIB holders are now in a profitable position, while 24% remain at a loss. The remaining 6% of holders are currently breaking even at their purchase price, showing a clear majority of investors benefiting from the recent price movement.
The data reveals a key resistance level at $0.000033, where 130,620 wallet addresses collectively hold 15.06 trillion SHIB tokens. This price point represents a crucial barrier that the token needs to overcome in its current upward movement.
Current on-chain metrics present a mixed picture for the token. The ‘Concentration’ metric from IntoTheBlock shows reduced activity from large holders, commonly known as whales. These major investors are currently showing limited interest in accumulating additional tokens at current price levels.
The large transaction metric aligns with this sentiment, showing decreased activity from whale wallets. This metric typically serves as an indicator of institutional and high-net-worth investor activity in the market.
Network growth metrics indicate a current slowdown in new address creation. The data shows a reduced influx of new wallets acquiring the meme token, suggesting a temporary pause in new investor interest.
The token’s burn rate has seen recent changes, with Shibburn data reporting a 79% decrease over the past 24 hours. During this period, approximately three million SHIB tokens were permanently removed from circulation through the burning process.
Technical analysis from crypto analyst Javon Marks points to potential upward movement for the token. Marks identified a bullish pattern formation that could support continued price appreciation.
In his analysis shared on X (formerly Twitter), Marks projected a possible price target of $0.000081. This target, if reached, would represent a 180% increase from current levels and position the token near its previous all-time high of $0.000088.
The current price movement has established several key support and resistance zones. Data shows clustering of wallet addresses at specific price points, creating natural barriers and support levels for future price action.
Trading volume has shown variability during this recovery period, with fluctuations indicating shifting levels of market participation. This metric remains important for confirming the strength of price movements.
The token’s market behavior shows correlation with broader cryptocurrency market trends, though with its own distinct patterns. Price action indicates independent movement alongside market-wide influences.
On-chain transaction data reveals steady activity levels across the network, with regular movement between wallets continuing despite price volatility. This metric helps gauge actual usage and transfer activity of the token.
The distribution of holder positions provides insight into market structure, with various wallet sizes showing different behavioral patterns during the recent price movement. Small and medium-sized holders have maintained relatively stable positions.
Historical price data places the current movement in context, showing similar patterns of resistance and support at comparable price levels. These patterns help traders and investors identify potential price action scenarios.
The latest market data shows SHIB trading at $0.000029, maintaining its position after the recent 8% gain. This price point represents the most current market valuation available at the time of reporting.
The post Shiba Inu (SHIB) Price: 69% of Holders in Profit as Token Aims for $0.00003 appeared first on Blockonomi.
