Analysis of Current State in the Cryptocurrency Market
Over the last 24 hours, the cryptocurrency market has seen a significant downturn, with notable assets like Shiba Inu experiencing losses. A detailed examination of CoinMarketCap data reveals a general decline in the top 30 cryptocurrencies based on market capitalization in both the seven-day and 24-hour periods. The situation has not spared Shiba Inu, which is also facing losses, as reflected in its current trade value of $0.00001464, a decrease of 14.75% over seven days. Similarly, DOGE, the meme coin counterpart, has also declined by 16.12%.
Impact on Shiba Inu Holders
SHIB investors are particularly feeling the pressure, given the on-chain data indicating intriguing profitability dynamics. Recent data from IntoTheBlock shows that the drop in prices has increased the percentage of SHIB holders in loss compared to those in profit, reflecting an In/Out of the Money metric. The latest metrics reveal that 51.98% of total addresses are in losses, surpassing the 46.93% in profit. This translates to approximately 700,400 addresses in losses and 632,320 in profit, with 14,600 addresses (1.08% of the total) breaking even. The situation further reveals that 60.62% of SHIB addresses that acquired the asset between $0.000012 and $0.000017 are now in losses, with only 37.41% still seeing profitability.
Comparison with DOGE
Interestingly, DOGE seems to weather the storm better, with 74% of total DOGE addresses still in profit despite market fluctuations. This stark contrast sheds light on how different cryptocurrencies and their investors are impacted by market shifts.
Future Outlook for SHIB
The cryptocurrency sphere has been relatively stagnant since July, as Bitcoin struggles to break out of the $60,000 to $70,000 range. This standstill has posed challenges for various investors, including those holding SHIB. Nevertheless, many SHIB holders remain optimistic about a potential price surge for the meme coin. Lucie, Shiba Inu’s marketing lead, recently voiced encouragement for the community to stay focused on the long-term growth of the ecosystem, underscoring the importance of confidence in weathering market uncertainties.
In other developments, the Shiba Inu ecosystem recently marked its fourth anniversary, symbolizing the significant progress made by the cryptocurrency from its origins as a meme token.
By
By
By
By