Shiba Inu Profitability Rate Drops to 44%, Making Token Unprofitable for Majority of Holders

Date:

Most Shiba Inu holders are now at loss after 62% correction

Contents

  • SHIB becomes unprofitable
  • Shiba Inu’s path on the market

The notorious Shiba Inu meme-token has officially ended its reign on the altcoin market by becoming a highly unprofitable token, according to the composition of holders that are currently making money by holding the asset. Data provided by IntoTheBlock.

SHIB becomes unprofitable

As the data suggests, 57% of Shiba Inu holders are not in profit, with 52% holding at a loss and 5% breaking even. Only 44% of token holders are profiting with it, which means that their entries were below the current price.

Shiba Inu IntoTheBlock Data
Source: IntoTheBlock

The swift drop in the profitability percentage is tied to the most recent cryptocurrency market sell-off that led to a 15-20% drop in the value of most altcoins. Bitcoin, at the same time, has lost approximately 12% of its value.

Shiba Inu’s path on the market

Shiba Inu became extremely popular among cryptocurrency investors back at the beginning of October when an unknown token showed a mind-blowing 1,000% price increase on the market within days of trading.

After topping out at $0.00008, Shiba Inu has entered a strong correction phase that has resulted in a 68% retrace at this point. The swift value drop was caused by an extremely high overbought condition on the market and a high number of short-term speculators who were willing to drop their holdings after losing a small part of their gains.

But during the plunge down, whales actively supported SHIB by buying out enormous volumes that are currently worth more than $1.4 billion on the market. Some buying power still appears on the market, but unfortunately for investors, it is not significantly affecting the price.

At press time, SHIB trades at $0.000028, reaching the exact point at which the famous 1,000% run began back in October.

Source

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Share post:

Popular

More like this
Related

‘Goodfellas’ Star Ray Liotta Dies in His Sleep at 67

‘Goodfellas’ actor Ray Liotta passed away in his sleep...

onXRP Finally Lists on Global Crypto Exchange

First, for reference, it is worth clarifying that onXRP...

Study at Yale University Scholarships in USA

The Yale University Scholarships in USA is currently ongoing....

Nevada campgrounds experience higher volume of campers – Las Vegas, Nevada

Las Vegas, Nevada 2022-05-26 11:52:06 – Las Vegas (KTNV)...