SHIB Jumps 8% as 101.42 Trillion Shiba Inu Tokens Turn Profitable

Shiba Inu (SHIB) cryptocurrency rebounds after four consecutive days of decline, with over 101 trillion tokens now in profitable territory.

SHIB Price Surges 8% Following Extended Market Decline

Dog-themed cryptocurrency Shiba Inu (SHIB) has climbed 8% in the past 24 hours, successfully reversing an earlier sell-off that occurred at the start of the week. At the time of writing, SHIB was trading at $0.0000123, extending its rebound after experiencing four straight days of declines since the weekend.

The recent price surge represents a significant turnaround for the popular meme token, which had been struggling alongside the broader cryptocurrency market. This positive price action has improved the financial position of many SHIB holders, with a substantial portion of tokens now sitting in profitable territory.

101.42 Trillion SHIB Tokens Now In The Money as Profitability Metrics Improve

According to IntoTheBlock's Global In/Out of the Money analytics, at current prices, 101.42 trillion SHIB tokens are currently "in the money" or profitable. This metric classifies addresses based on whether they are profiting (in the money), breaking even (at the money), or losing money (out of the money) on their positions at the current price.

The data reveals that 34% of Shiba Inu addresses are currently profiting on their investments, while 4% of addresses are breaking even. Despite the recent price surge, 62% of SHIB addresses remain underwater, losing money on their positions at the current price level.

SHIB (Shiba Inu) Benefits from Broader Crypto Market Recovery

The positive momentum for SHIB comes as the broader cryptocurrency market shows signs of recovery, with major cryptocurrencies like Bitcoin and Ethereum trading in the green. This market-wide bullish sentiment has helped smaller altcoins like SHIB gain traction and recover some of their recent losses.

One factor contributing to the improved market conditions is February's inflation data. The inflation rate for February was reported at 2.8%, lower than projected, which provided a boost to cryptocurrency prices across the board. According to the Bureau of Labor Statistics, prices for goods and services rose less than expected in February, bringing some respite to consumers concerned about inflation.

Federal Reserve officials are watching these developments closely, with markets currently expecting the Fed to resume interest rate cuts in May. Such monetary policy adjustments typically create a more favorable environment for risk assets like cryptocurrencies.

Technical Outlook for SHIB (Shiba Inu) Suggests Potential Further Gains

Shiba Inu has extended its rebound from lows of $0.0000108 on March 11 into today's session, reaching highs of $0.00001261. If the current momentum continues, SHIB may test important resistance levels in the near future.

The token is likely aiming for $0.0000158, which corresponds to the daily Simple Moving Average (SMA) 50, ahead of the daily SMA 200 at $0.0000192. However, the ability to sustain these gains might be determined by broader market trends and overall investor sentiment in the cryptocurrency space.

On the downside, support is envisaged at $0.000010 in the event of a price drop. This level could prove crucial for maintaining SHIB's recent gains and preventing another prolonged decline.

As SHIB continues its recovery, investors will be closely monitoring both token-specific developments and broader market conditions to gauge the sustainability of this recent price surge. With a significant number of addresses still underwater on their investments, further price appreciation could potentially trigger additional buying pressure as more holders move into profitable territory.