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, lifting altcoins like SHIB along.

The cryptocurrency market roared into March with a rally, recouping some of the 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, in addition to Bitcoin and Ethereum.

The news ignited an immediate crypto rally, providing respite to an asset class coming off of 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 depending on whether they are profitable (in the money), at break-even (at the money) or losing money (out of the money) at the current pricing.

According to IntoTheBlock, 40% of Shiba Inu addresses are “in the money,” 1% are breaking even and 59% are losing money. 

More addresses in the money are expected to benefit the network because there is less selling pressure from holders attempting to break even on their positions.

Shiba Inu was up 3.9% in the last 24 hours to $0.00001416 as writing time, but it was still down 4.1% weekly. Shiba Inu saw a major increase in Sunday’s session, reaching highs of $0.0000152.

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 cause SHIB to exit its current consolidation range.