Shiba Inu Cryptocurrency Shows Signs of Recovery

Dog-themed cryptocurrency Shiba Inu (SHIB) is showing signs of recovery, with the percentage of holders “in the money” returning to 40%, a significant rebound from its recent low of 18%. This marks a turnaround in market sentiment, suggesting renewed investor confidence in the dog-themed coin.

The broader crypto market is currently rebounding, with Bitcoin and Ethereum gaining strength, which in turn is uplifting altcoins like SHIB.

March Rally

The cryptocurrency market roared into March with a rally, recouping some losses from the asset class’s worst month since 2022, boosted by the announcement of a strategic crypto reserve. The reserve will include XRP, SOL, and ADA, alongside Bitcoin and Ethereum.

This news ignited an immediate crypto rally, providing much-needed respite to an asset class coming off its worst month since 2022. Shiba Inu was not exempt from the price rise, up 4% as of press time.

What’s Next?

The In/Out of the Money (GIOM) indicator categorizes addresses based on profitability at the current pricing. According to IntoTheBlock, 40% of Shiba Inu addresses are “in the money,” with 1% at break-even and 59% losing money.

More addresses in the money are expected to benefit the network as there is less selling pressure from holders trying to break even. Shiba Inu was up 3.9% in the last 24 hours to $0.00001416 at press time, though it was still down 4.1% weekly. Shiba Inu saw a major increase during Sunday’s session, reaching highs of $0.0000152.

Investor Outlook

As investors look to see where SHIB will go next, a break over its daily moving averages of 50 and 200 at $0.00001733 and $0.0000192 would signify a bullish comeback and help SHIB exit its current consolidation range.