According to on-chain data, 130 trillion SHIB tokens are profitable at the current price of Shiba Inu, as the popular dog coin faces a potential price move. As market momentum grows, traders and investors are keeping a careful eye on the next major move in SHIB's price action.
Recent data from IntoTheBlock reveals that 130.83 trillion SHIB tokens worth $1.76 billion are currently profiting, or "in the money" at SHIB's present price, which could either fuel further accumulation or trigger profit-taking.
At the time of writing, Shiba Inu was up 3% in the last 24 hours to $0.00001349, as meme coins saw a boost alongside other cryptocurrencies due to market optimism fueled by the Federal Reserve's plans for two rate cuts in 2025.
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Shiba Inu has steadily risen since March 22 and has marked three straight days of gains since then, with the token presently up 7% weekly. Today's movement culminated in highs of $0.0000137, where SHIB encountered slight profit taking.
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How Shiba Inu behaves around the short-term barrier between $0.0000137 and $0.0000138 would determine its next move. A sustained break would target the daily SMA 50 at $0.00001415, which has the potential for massive gains for SHIB price with targets at the daily SMA 200 at $0.00001915 and $0.000029. On the other hand, support is envisaged at $0.00001082 if the Shiba Inu price faces rejection at the said barrier.
Meme coins benefit from market optimism
Meme coins, as highly speculative assets, frequently react strongly to broader crypto market patterns, providing retail traders with higher-risk, higher-reward options.
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Last week, the Federal Reserve upgraded inflation forecasts and reduced growth projections, while retaining plans for two rate cuts in 2025, which boosted risk assets.
This has fueled market optimism, and meme coins are leading the way, with numerous tokens in the category reporting strong weekly increases.
Retail traders frequently perceive relief in majors as a sign of positive sentiment throughout the crypto ecosystem, as they pursue higher-risk, higher-reward alternatives such as meme coins, which are typically cheaper and can yield fast gains in relatively short periods of time.
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