Shiba Inu Coin Holders Hit Hard As 80% Of Addresses Smothered In Red
May 15 2023 - 5:52AM
NEWSBTC
Shiba Inu is causing significant losses for its investors. Recent
data reveals that the hype surrounding SHIB, the once darling of
the meme coin industry, may have led many investors astray. At the
time of writing, a staggering 80% of all Shiba Inu token
address holders are experiencing losses on their holdings, a fact
that is causing concern among cryptocurrency enthusiasts and
investors alike. Despite the initial excitement surrounding Shiba
Inu, it appears that the reality of the situation is starting to
set in for many investors. With such a high percentage of token
holders not expected to make any kind of money as of yet, it is
clear that the hype train may have been running a little too fast.
This sharp downturn in the market has left many crypto capitalists
wondering what happened and whether their investments will ever
recover. Related Reading: Ethereum Loses Grip On $1,800: Will The
Bulls Barge In To Save The Day? Shiba Inu Token Holders Suffer
Losses, Data Shows Addresses Unprofitable New data from
IntoTheBlock indicates that the majority of Shiba Inu token holders
are experiencing losses on their holdings. As of now, four out of
five SHIB investors are holding unprofitable addresses, equating to
991,440 addresses with 497 trillion tokens valued at around $4.4
billion. This leaves only $668.4 million worth of SHIB that is
currently profitable to its holders. The situation is further
complicated by the fact that many of these unprofitable addresses
purchased SHIB at the $0.000009 to $0.000014 price range. According
to data, there are 348,170 such addresses, holding an enormous
volume of 281.12 trillion SHIB. At present, the Shiba Inu
token is ranked sixth among the largest cryptocurrencies in terms
of the ratio of loss-making addresses to profitable ones. Source:
Coingecko Recent SHIB Prices Raise Concerns About Long-Term Holding
The current price of Shiba Inu token, listed at $0.00000892 per
token on CoinGecko, is drawing attention due to its recent pricing
history. SHIB total market cap at $5.15 billion on the daily chart
at TradingView.com Related Reading: Crypto total market cap slides
to $1.11 trillion on the daily chart at TradingView.com The fact
that the token was priced at similar levels not long ago raises
concerns about the motivations of current token holders,
particularly in regard to their long-term holding strategies. The
token’s recent 24-hour rally of 0.4% is far from impressive, but it
is the 4.1% slump observed over the past seven days that is
particularly troubling. This slump suggests that the token’s value
is unstable and unpredictable, which could be a result of the high
percentage of loss-making addresses. Given the current market
climate, many investors are looking for opportunities to hold on to
their cryptocurrency assets in hopes of long-term gains. However,
the recent history of Shiba Inu token prices suggests that its
owners are not taking a similar approach. This raises
concerns that the token is being held for short-term gains rather
than long-term investment, which could lead to further instability
in the token’s value. -Featured image from PngTree, video from
YouTube
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