The Shiba Inu price movement has been characterized by ups and downs in the past seven days. The meme coin in particular rose from $0.00001660 to $0.00001996 in three days, before falling sharply to $0.00001770 in the following three days. This volatile Shiba Inu price action resulted in fluctuating profitability for many SHIB addresses, with some holders briefly posting profits before the recession pushed a significant number back into loss territory.
According to data from on-chain analytics platform IntoTheBlock (ITB), the sharp drop in Shiba Inu price has now left about 44% of holders in losses.
Fluctuating Shiba Inu profitability
On-chain data from analytics platform IntoTheBlock (ITB) shows that the recent decline has had a notable impact on the profitability of Shiba Inu addresses.
The Shiba Inu Award the week started positively. In particular, the Shiba Inu price rose along with the broader 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 surprised many investors and fueled hopes for sustainable gains.
Additionally, this increase made more than 30,000 Shiba Inu addresses profitable, according to the “In/Out of the Money” statistics from IntoTheBlock. This metric tracks the total number and percentage of addresses in profit, loss, and at-money based on the price of the crypto asset.
However, this optimism was short-lived as the price quickly reversed course, falling from $0.00001996 on October 29 to $0.00001770 on November 1, effectively starting the month in negative territory. This 11% decline caused approximately 25,000 holders to suffer losses, according to the ITB “In/Out of the Money” metric.
Current Profitability of Shiba Inu
At the time of writing, the Shiba Inu price has increased managed to bounce above it a support of $0.00001770. At the time of writing, Shiba Inu is trading at $0.00001781 and is up 3.2% in the last 24 hours.
According to IntoTheBlock’s data of all addresses currently containing SHIB, approximately 713,960 addresses are currently profitable. This represents approximately 52.5% of the total number of SHIB addresses. On the other hand, 606,700 addresses have been lost, representing 44.62% of the total SHIB addresses. Interestingly, 39,000 addresses, representing 2.87% of the total number of SHIB addresses, are at the money. This means that they do not suffer any losses or profits.
Profitability around the current price also shows more profit holders. According to IntoTheBlock, 83,470 addresses that purchased between $0.000015 and $0.000020 are currently making a profit.
This represents approximately 60% of addresses that purchased in this range. On the other hand, 54,700 addresses in this cohort are loss-making, which amounts to 39.32%. Finally, 931 addresses (0.67%) that bought SHIB between $0.000015 and $0.000020 are in the money.
Featured image created with Dall.E, chart from Tradingview.com