The ongoing market sell-off has taken a toll on SHIB investors, with the majority now holding positions in the red. According to IntoTheBlock data, only 18% of SHIB holders are currently "in the money," marking a rare profitability low for the dog-themed cryptocurrency. IntoTheBlock's In/Out of the Money classifies addresses based on whether they are profiting (in the money), breaking even (at the money) or losing money (out of the money) on their positions at the current price. Per this indicator, 18% of Shiba Inu on-chain addresses are "in the money, " and 22% are "at the money," while 60% of SHIB addresses are "out of the money" at SHIB's current price of $0.000013. Crypto market faces sell-off Cryptocurrencies had a significant sell-off in the early Friday trading session, continuing a bearish week that featured a market crash on Monday, which resulted in $1.5 billion in liquidations. According to CoinGlass data, over $952 million in crypto positions were liquidated during Friday's sell-off, with major cryptocurrencies reporting losses. SHIB was down 6.31% in the last 24 hours to $0.00001362, having hit intraday lows of $0.00001299 and reversing a three-day increase. While SHIB's profitability has reached new lows, on the flip side, this could herald a bottom for SHIB's price as long-term holders seek to accumulate at a discount. What's next? Since the beginning of February, the broader crypto market has been drifting lower, pulling down altcoins such as SHIB. So far, SHIB is down 28% in February, a generally positive month for Shiba Inu price activity. Expectations are high for March, a month in which Shiba Inu has always closed in the green, except for March 2023. Shiba Inu experienced significant gains of 144.55% in March 2024, indicating a strong positive outlook for the incoming month if history repeats itself. Currently, the daily RSI is approaching the oversold level of 30, indicating that a relief rally may occur once oversold conditions are confirmed. Furthermore, if market sentiment improves and demand picks up, SHIB could stage a recovery. In this scenario, a decisive break above the daily SMA 50 and 200 at $0.0000177 and $0.0000192, respectively, might signal a bullish comeback. In the event of a drop, SHIB might retest support near $0.000011.