Shiba Inu (SHIB) Thrilling Metric Comeback Makes It Extremely Bullish
2024-09-29

Shiba Inu has recently gone through an extremely strong rebound particularly when examined using IntoTheBlock's In/Out of the Money indicator. With the help of this metric, investors can determine how many tokens are currently profitable at any given price point, providing important context for understanding the mood of the market.
Recent data indicates a significant reversal in the percentage of profitable SHIB tokens, indicating a change in momentum. Approximately 56% of SHIB holders are profitable as of the current analysis, with only 42% being out of the money. Shiba Inu may be going into a more bullish phase as a result of this turn in the market's fortunes. Given that it tends to boost investor confidence and participation, this trend is crucial.SHIBUSDT Chart by TradingView
A positive feedback loop that could drive up the price can occur when a greater percentage of holders are making money off of the asset, making it more appealing to both new and existing investors. A bullish outlook for Shiba Inu is further supported by additional on-chain data in addition to the positive signals from the In/Out of the Money metric.
There has been an increase in large transactions (above $100,000), which suggests that whales or institutional investors are becoming more interested. As big players like to accumulate during market upswings, this can frequently be a sign of more price action to come.
Shiba Inu's price has already seen a significant increase, but these on-chain metrics imply that the rally might not be finished. SHIB may reach new highs in the upcoming weeks as a result of a rise in large transactions, an increase in holders who are profiting and an increase in market confidence.