Shiba Inu (SHIB) has demonstrated resilience despite recent market downturns. Data reveals that roughly over 700 trillion SHIB tokens held by more than 650,000 wallet addresses remain profitable, reflecting steadfast confidence among holders in the token’s long-term value.

Shiba Inu Market Resilience Amid Volatility

Recent on-chain analytics have uncovered an interesting trend among Shiba Inu investors. Despite a general dip in SHIB’s market price, investors continue to hold a substantial volume of tokens—totaling 733 trillion—showing unrealized gains.

These holdings, maintained by approximately 653,530 individual wallets, were acquired at prices ranging from $0.000002 to $0.000022, averaging out at $0.000011.

This indicates not only a significant level of acquisition but also a broad base of investors who entered the market at lower valuations, positioning themselves in profit despite the coin’s fluctuating fortunes.

The “Break Even Price” indicator, a crucial tool derived from on-chain data, suggests that many SHIB holders are still in the green financially. This could point to a collective strategy among holders to weather short-term price movements, with an eye on potential long-term returns.

Such data reinforces the notion of SHIB as more than just a speculative asset, hinting at a deeper conviction among its community regarding the token’s future potential.

Long-Term Outlook And Ecosystem Developments

Despite a decline of 5.2% over the past week and 11.9% over the past month, Shiba Inu has seen a recent uptick of 3.3% in its price in the last 24 hours, trading at $0.00002389.

Notably, this upward trajectory in value mirrors the asset’s trading volume, which has also surged from below $400 million last week to above $600 million as of today.

This recovery aligns with significant developmental strides within the Shiba Inu ecosystem, particularly the completion of a hard fork in its Layer-2 blockchain solution, Shibarium.

The Shibarium hard fork, executed at block height 4504576, introduced enhancements aimed at improving usability and transaction efficiency. This was a response to community feedback advocating better performance and lower costs.

This upgrade is expected to boost transaction speeds and stabilize transaction fees on Shibarium, making costs more predictable for users.

Moreover, the recent hard fork’s dual focus—enhancing the Bor and Heimdall components of Shibarium—aims to refine the platform’s technical infrastructure.

1/ #Shibarium has successfully completed its hard fork at block height 4504576!

Get ready for:
•Blazing-fast transactions!
•Predictable gas fees! pic.twitter.com/oQrtF3OMTe

— Shibarium Network (@ShibariumNet) May 2, 2024

By improving the calculation of state sync confirmation and ensuring deterministic finality, the Shiba Inu team appears keen on improving the network’s reliability and scalability.

Featured image from Unsplash, Chart from TradingView

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Filed under: Bitcoin - @ May 4, 2024 2:00 am