Shiba Inu (SHIB), initially gaining fame as a meme coin, is displaying promising signs of recovery by surpassing the 10% profitability mark. This is a significant shift from the stagnant 7-9% profitability range where it seemed to be stuck, indicating a revival that injects hope, especially for those who have held onto this cryptocurrency for an extended period.
Even though the price might seem minute at $0.0000073, this increase is substantial for a coin that struggled with profitability. It signifies a potential turning point for SHIB, suggesting that it might be regaining its foothold in the crypto market.
However, it’s crucial to put this achievement into perspective. When compared to the remarkable heights SHIB reached in 2021, achieving a 10% profitability level might seem modest. During the height of the meme coin frenzy, SHIB was indeed a money-making powerhouse.
Now, the long-term holders of Shiba Inu find themselves facing a dilemma. The newfound double-digit profitability makes the temptation to sell quite strong. After all, who wouldn’t want to offload an asset that has been more of a liability than a boon? However, the catch is, if a massive sell-off ensues, it could lead to a price drop that sends Shiba Inu back into a phase of uncertainty.
Presently, Shiba Inu’s price stands at a neutral short-term level. This suggests that investors are adopting a passive approach, hesitant to make significant moves. They might be cautiously observing the market, assessing the best course of action given the recent developments.
It’s worth noting that Shiba Inu does not possess a prominent presence in the decentralized finance (DeFi) landscape, unlike other notable blockchains like Solana. This indicates that SHIB might need to explore and establish itself further in the broader crypto ecosystem to solidify its position and potential for future growth.