According to data from IntoTheBlock, the profitability of Shiba Inu has slightly increased as the SHIB price returns to a critical level.

IntoTheBlock, an on-chain analytics platform, categorizes addresses and tokens to provide an overall view of the profitability of a particular cryptocurrency. These categories are determined by whether they are currently making a profit, breaking even, or experiencing losses at the current price. This is achieved by calculating the average cost of an address based on the weighted average price at which it acquired the tokens it currently holds.

In the case of Shiba Inu, addresses that are currently profitable have risen from 7% during the recent market sell-off to the current level of 9%.

During the previous week, the broader cryptocurrency market experienced a sell-off, and Shiba Inu was not immune to the bearish impact. It reached lows of $0.00000671 on October 11, briefly losing the closely watched $0.000007 support level.

However, there was a ray of hope as buyers entered the market at the $0.00000671 low, leading to a gradual recovery in SHIB's price, ultimately reclaiming the $0.000007 level.

Since October 11, Shiba Inu has seen three consecutive days of price increases, reaching a high of $0.00000711 on October 14. As of the time of writing, SHIB was still maintaining its gains and was up by 1.04% in the last 24 hours, trading at $0.000007.

Bulls are currently making strong efforts to sustain the $0.000007 level. If successful, SHIB may target the $0.0000074 resistance level at the daily Moving Average (MA) 50 next. However, if bearish pressure returns, SHIB could potentially retest the $0.0000067 level.

Meanwhile, the burning of Shiba Inu tokens continues, albeit at a steady pace. According to Shibburn, in the past 24 hours, a total of 13,339,085 SHIB tokens were burned in 23 transactions. Over the past seven days, a total of 278,909,750 SHIB tokens were burned in 159 transactions.