The Shiba Inu price movement has been marked by ups and downs in the past seven days. Particularly, the meme coin rallied from $0.00001660 to $0.00001996 in three days before dropping sharply to $0.00001770 in the three days after. This volatile Shiba Inu price action resulted in a fluctuating profitability for many SHIB addresses, with some holders briefly seeing gains before the downturn pushed a significant number back into loss territory.
According to data from on-chain analytics platform IntoTheBlock (ITB), the sharp drop in the Shiba Inu price has seen about 44% of holders now in losses.
Fluctuating Shiba Inu Profitability Count
On-chain data from analytics platform IntoTheBlock (ITB) reveals that the recent decline has had a notable impact on the profitability of addresses holding Shiba Inu.
The Shiba Inu price started the week on a positive note. Particularly, the Shiba Inu price rallied alongside the wider crypto market from a low of $0.00001660 on October 26 to reach a peak of $0.00001996 on October 29. This 20% increase in three days took many investors by surprise and ignited hope for sustained gains.
Furthermore, this rise saw more than 30,000 Shiba Inu addresses cross into profitability, according to the “In/Out of the Money” metric by IntoTheBlock. This metric follows the total number and percentage of addresses in profit, losses, and at the money based on the price of the crypto asset.
However, this optimism was short-lived, as the price quickly reversed course and plunged from $0.00001996 on October 29 to $0.00001770 on November 1, essentially starting the month on a negative note. This 11% decline saw about 25,000 holders drop into losses, according to the ITB “In/Out of the Money” metric.
Current Shiba Inu Profitability
At the time of writing, the Shiba Inu price has managed to bounce above a support at $0.00001770. At the time of writing, Shiba Inu is trading at $0.00001781 and is up by 3.2% in the past 24 hours.
According to IntoTheBlock’s data of all the addresses currently holding SHIB, around 713,960 addresses are currently in profit. This represents about 52.5% of the total SHIB addresses. On the other hand, 606,700 addresses are in losses, representing 44.62% of the total SHIB addresses. Interestingly, 39,000 addresses, representing 2.87% of the total SHIB addresses, are “at the money.” Meaning they are neither in losses nor profits.
The profitability around the current price also shows more holders in profit. According to IntoTheBlock, 83,470 addresses that bought between $0.000015 and $0.000020 are currently in profit.
This represents about 60% of addresses that bought in at this range. On the other hand, 54,700 addresses in this cohort are in losses, representing 39.32%. Lastly, 931 addresses (0.67%) that bought SHIB between $0.000015 and $0.000020 are at the money.
Featured image created with Dall.E, chart from Tradingview.com