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Shiba Inu (SHIB) is on the verge of a substantial profit increase, with nearly half of its holders currently making money as the price steadies around $0.00001499. A breakthrough above the crucial $0.00001700 level could ignite a stronger rally, attracting more investors to the meme-based cryptocurrency.
With the price at around $0.00001499 right now, 49% of Shiba Inu holders are making money, according to data recorded on the blockchain.
SHIB Holders Seeing Profits Amid Price Surge
It appears like SHIB is poised for a potential increase in profits. It is a huge leap upward, and if prices keep going higher, SHIB's profits might see a sharp increase soon.
According to the data, whales still possess a significant percentage of SHIB since 73% of its substantial holdings are whales. This demonstrates that major purchases or transactions by these key players might influence any sudden shifts in price.
Whale Influence on SHIB's Price Movement
Given the asset's strong price correlation (0.89) with Bitcoin, the behavior of the larger cryptocurrency market, especially any noteworthy changes in Bitcoin's price, is expected to influence SHIB's movement.
The signals are diverse, but overall they indicate a positive future. There are strong positive indications in the exchange signals, but there is a minor pessimism in the on-chain signals owing to variables such as a 2.61% drop in large transactions and net network growth.
Short-Term Price Rise Expected
A rise in the short-term price of SHIB could be due, in part, to the fact that the smart price measure is somewhat positive at 0.24%, and the bid-ask volume imbalance is up 128.19%, as explained by U.Today.
In terms of more concrete price targets, $0.00001700 is currently an important level to monitor for SHIB. Here, we have the 100-day exponential moving average (EMA), which, if broken, might set off an even stronger rally, allowing a larger proportion of SHIB's investors to see a return on their investment.
Key Level to Watch for a Potential SHIB Rally
More buyers may become interested if SHIB breaks over this barrier, increasing the probability that investors will experience larger returns from the company.
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