Shiba Inu Stands Strong: Over 650K Wallet Addresses Still Profitable Amid Recent Price Drop

Shiba Inu (SHIB) Demonstrates Resilience Amid Market Volatility

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

Shiba Inu Market Resilience Amid Volatility

Recent on-chain analytics have uncovered an intriguing trend among Shiba Inu investors. Despite a general decline 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 suggests 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, indicates 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 perception 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 experienced a recent uptick of 3.3% in its price in the last 24 hours, trading at $0.00002389.

Notably, this upward trajectory in value corresponds with 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, implemented at block height 4504576, introduced enhancements aimed at improving usability and transaction efficiency. This was a response to community feedback calling for better performance and lower costs.

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

Furthermore, 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 committed to enhancing the network's reliability and scalability.