Shiba Inu Explosive Price Rally Pushes over 29 Trillion SHIB Tokens in Profit

The crypto market has seen a positive outplay of events from the bulls in the past few days, enabling most crypto assets to reclaim their value massively.

The popular meme coin Shiba Inu also recorded an explosive price rally within the past two days. SHIB’s price grew by over 20%, moving trillions of coins into profitability.

Trillions Of SHIB Tokens Become Profitable

According to data from CoinMarketCap, Shiba Inu hit the 14th position in the ranking of top crypto assets on June 22. The upward move indicated that SHIB crossed four progressive steps from its previous position in the ranking.

Notably, the meme coin surged by over 11% on June 22 and tested the $0.00000800 region. Also, SHIB’s price increased by over 22% in its 7-day price action as the broader crypto market became bullish.

Shiba Inu’s great feat brought an unexpected but thrilling shift for several coins, boosting rewards for many SHIB addresses to reap.

According to data from the on-chain analytics site, IntoTheBlock, about 29.9 trillion SHIB coins regained their profitability amid the price rally. 

The profitability involves traders and investors that invested in SHIB at a price range between $0.000007 and $0.000009. The on-chain data provider revealed that over 77,280 addresses purchased SHIB tokens at the price range above. 

As such, about 165,530 Shiba Inu addresses, representing almost 50% of the global number of profitable addresses, made gains this week for purchasing SHIB between $0.000007 and $0.000009.

For most Shiba Inu investors, the impressive price performance also boosted their portfolio. 

Shiba Inu Price Targets And Positive Developments In The Ecosystem

A prominent member of the Shiba Inu community, SHIB Knight, took to Twitter to relate some price targets for the meme coin. 

According to the member, SHIB has regained an upward accelerated force within the support zone, highlighting $0.0000034, $0.00000852, and $0.00000882 as potential targets.

According to SHIB Knight, the support levels for reference would be $0.00000803, $0.00000794, and $0.00000781. Meanwhile, at the time of writing, SHIB is trading at $0.000007798, indicating a drop of 6.70% over the past 24 hours. 

Also, the team behind Shiba Inu impacted its ecosystem recently. The SHIB Army is vigorously preparing for the launch of Shibarium, the network’s layer 2 scalability solutions. 

According to a recent tweet from Lucie, the SHIB team has reset and updated Puppyscan, the beta testnet for Shibarium. Notably, the development team is still trying to fine-tune the necessary checks.

Shiba Inu’s lead developer, Shytoshi Kusama, also disclosed the release of Shibacals: Authenticated Collectibles. The new project is the SHIB mysterious product that serves as an authentication layer for collections using NFC chips.