Shiba Inu Holders at a Loss as Price Stagnates
Data from IntoTheBlock reveals that 68% of Shiba Inu (SHIB) holders are currently experiencing losses as the cryptocurrency fails to see significant price growth in the early months of the year. SHIB is currently trading at $0.000008918, with little movement in the past week.
Shiba Inu Holder Profitability Percentages
The Shiba Inu community has grown rapidly, expanding beyond its origins as a meme coin. The project has developed its own ecosystem and attracted investors from various corners of the crypto market. However, despite this growth, SHIB’s price has struggled to gain momentum since the beginning of the year. It reached its highest point at $0.00001044 on January 11 but has since dropped by nearly 15%.
As a result, SHIB holders’ profitability has been affected. According to IntoTheBlock, 68% of addresses that hold SHIB purchased it at a higher price than its current value, resulting in losses. Only 27% are still in profit, while 6% are at breakeven.
SHIB Holders Remain Strong
It’s worth noting that SHIB’s profitability has improved over the past few months due to a price surge in the last quarter of 2023. The current 27% of addresses in profit is an improvement compared to November 2023. Despite being underwater on their investments, a majority of Shiba Inu holders maintain a positive outlook on the meme coin’s future.
According to IntoTheBlock, 77% of addresses have held SHIB for more than one year, indicating a long-term perspective among investors. Additionally, there has been a 2.24% increase in addresses holding SHIB for more than a year in the past 30 days.
Hot Take: SHIB’s Potential Amidst Market Recovery
The overall crypto market is currently consolidating, but Shiba Inu continues to gain attention and adoption. While SHIB holders may be experiencing losses at the moment, there is still potential for the meme coin to rally once the market recovers and interest in altcoins rises again. Analysts have even predicted that SHIB could reach as high as $0.010. Therefore, it’s important for holders to stay informed and monitor market conditions closely.
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