Shiba Inu price hits $0.000010 turning nearly 485,000 SHIB holders profitable
|- Shiba Inu price climbed to $0.000010, eating a zero and crossing into a crucial demand zone for SHIB.
- SHIB price could zoom past the resistance at $0.000011 and climb to $0.000014.
- Shiba Inu supply on exchanges remains relatively low, supporting SHIB price gains.
Shiba Inu price climbed to $0.000010, dropping a zero in its price this week. The meme coin’s recent move has turned over 22% SHIB holders profitable. At the current price level, wallet addresses holding 134.63 trillion SHIB are profitable.
Shiba Inu’s on-chain metrics support the meme coin’s recent gains.
Also read: Bitcoin price rallies to $44,000 as Spot BTC ETF deadline looms
Shiba Inu on-chain metrics signal bullish outlook on SHIB
- On-chain data from crypto intelligence tracker Santiment reveals bullish signs for SHIB price.
- SHIB supply on exchanges is currently 7.84% of the asset’s total supply, according to Santiment data.
- The meme coin’s supply remains relatively low, ensuring that SHIB does not face intense selling pressure that pushes the asset’s price down.
- Shiba Inu price is $0.00001039 at the time of writing.
Shiba Inu supply on exchanges. Source: Santiment
- Shiba Inu price is in a critical demand zone where 89,360 wallet addresses accumulated 134.63 trillion SHIB tokens. Once SHIB price crosses the upper boundary of the zone at $0.000011, the path to $0.000014 is likely clear for the meme coin, as seen in the Global In/Out of the Money chart below.
Global In/Out of the Money. Source: IntoTheBlock
Shiba Inu price outlook is bullish on high time frames
Crypto analyst behind the Twitter handle @Mangyek0, predicts a rally in Shiba Inu price. The analyst comments on Shiba Inu’s price rally compared to other meme coins in the crypto ecosystem.
One of these days, most probably during holidays, $SHIB is gonna pump so hard we might forget about other meme coins for a minute.
— MAXPAIN (@Mangyek0) December 21, 2023
Or it won't
- 483-day trend line breached on weekly, ready to shoot. #ShibaInu pic.twitter.com/5FmboqqTb6
One of these days, most probably during holidays, $SHIB is gonna pump so hard we might forget about other meme coins for a minute.
— MAXPAIN (@Mangyek0) December 21, 2023
Or it won't
- 483-day trend line breached on weekly, ready to shoot. #ShibaInu pic.twitter.com/5FmboqqTb6
At the time of writing, Shiba Inu price yielded nearly 2% daily and nearly 6% weekly gains for holders.
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