Shiba Inu Holders Face Significant Losses
You’ve likely experienced a challenging period as a Shiba Inu (SHIB) holder recently. Unfortunately, the token has suffered notable losses, leaving 82% of investors with unrealized losses. This means their average purchase price for SHIB is higher than its current value in the spot market.
Based on data from the IntoTheBlock research platform, only 11% of Shiba Inu holders have profitable wallets. Another 7% have broken even, while the majority are facing losses. This situation is concerning and calls for a closer examination of the bearish signs impacting the token’s performance.
The Bearish Signs
- Net Network Growth (0.27%): This indicates a minimal increase in new participants joining the Shiba Inu network.
- In the Money (-3.04%): This metric suggests that the majority of SHIB holders have bought the token at a higher price than its current value.
- Large Transactions (-9.83%): The significant decrease in large transactions indicates a decline in investor confidence and activity.
Despite these bearish signs, there is some positive news. The volume of bid orders for SHIB in centralized exchanges is growing, which could potentially lead to a bullish trend.
SHIB Price Analysis
Currently, SHIB is trading at $0.000008, showing neutral results for the day with a slight increase of 0.33%. However, it’s important to note that Shiba Inu has been losing market cap ranks in the CoinMarketCap index. It now stands as the 16th most valuable cryptocurrency, with a 18% decline in one month and over 5% losses in one week.
Shytoshi Kusama, a prominent contributor to the Shiba Inu ecosystem, emphasizes the necessity of increasing the adoption of this meme coin for the community to thrive. The recent successful restart of Shibarium further highlights this importance.
Hot Take
Shiba Inu holders have faced significant losses recently, with the majority sitting on unrealized losses. While the bearish signs are concerning, the growing volume of bid orders in centralized exchanges provides some optimism. However, SHIB’s decline in market cap ranks is a cause for concern. Increased adoption is crucial for the future success of the Shiba Inu ecosystem.
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