After the start of the new year, Shiba Inu has been steadily rising, and the profitability of the token has significantly improved, adding more than 4% to the measure, with 1 in 5 holders holding the token at a profit.
The on-chain and exchange data are generally returning to green, demonstrating that SHIB is not only advancing up the market but also luring in more investors and the additional funding it has sorely needed since November.
Shiba Inu eventually experienced a decline in profitability to 13%, ranking among the least profitable assets in the entire business. Fortunately, the market began to rebound and has increased its capitalization by almost 7%, reinforcing the bullish feeling in the crypto trading community.
Shiba Inu's performance is reportedly quite neutral, and it hasn't yet shown any indications of a particularly robust comeback like we saw with assets like Lido or ZIL, according to the composition of indicators on the analytical board.
Technically speaking, Shiba Inu has just crossed the chart's initial resistance level, which is indicated by the 50-day moving average. It is still unclear whether the current volume will be sufficient to raise the token price and break through the current barrier level.
Realistically, Shiba Inu and other meme assets should be driven primarily by the state of the market, if not entirely by it. Unfortunately, we are seeing a lot of sell orders on cryptocurrency exchanges, which is probably a sign that people are actively taking profits. SHIB, however, continues to rise without any discernible market reversal.