Shiba Inu Price Spiral: 91% Of Investors Brace For Significant Losses
October 16 2023 - 5:00AM
NEWSBTC
Shiba Inu (SHIB) holders are not exempt from the turbulence of the
market in recent weeks. Analyzing the current state of affairs for
holders of the meme coin, it becomes apparent that the
profitability of investing in this particular asset type has been a
rollercoaster journey. Data derived from IntoTheBlock, an
analytics firm, reveals a striking fact: a mere 9% of the current
SHIB holders find themselves in a profitable position at the
current value of roughly $0.0000069 per coin. This figure is
indicative of the challenges that many SHIB investors are currently
grappling with. Moreover, an additional 1% find themselves at a
break-even point, while a staggering 91% face the harsh reality of
being at an overall loss. Related Reading: Trillions In Shiba Inu
On The Move: What Lies Ahead For The Meme Coin? Source:
IntoTheBlock Shiba Inu’s Price Plunge: A Tale Of Highs And Lows One
of the key contributing factors to this landscape of varying
profitability is the undeniable influence of Shiba Inu’s price
volatility and the composition of its holder base. Over the past
few months, SHIB’s market value has been subject to dramatic
oscillations, largely propelled by substantial trading volumes.
This volatility has undoubtedly played a pivotal role in shaping
the current financial positions of SHIB holders. It is also
worth noting that an overwhelming 78% of the circulating supply of
SHIB is concentrated within the wallets of the so-called ‘whale’
holders, emphasizing the significant influence of a few major
players within the SHIB ecosystem. The plunge of Shiba Inu’s price,
a staggering 92% drop from its all-time high of $0.00008616 in
October 2021, has left many investors who bought at or near peak
prices in a precarious position, facing significant losses.
However, on the flip side, those who entered the market at
relatively lower prices are potentially reveling in the positive
returns yielded by their investments. SHIB market cap
slightly above $4 billion. Chart: TradingView.com At the time of
writing, SHIB’s price stands at $0.00000700, as per CoinGecko,
showing a 1.2% gain over the past 24 hours, though still nursing a
1.0% loss over the past seven days. Can Shiba Inu Overcome
Resistance? Despite the apparent challenges faced by SHIB holders,
a glimmer of hope emerges from the analysis of the price trends. It
is evident that every significant dip in SHIB’s value is
consistently followed by a period of recovery, creating what
appears to be a repetitive “zig-zag” pattern. SHIB two-week
price action. Source: Coingecko Related Reading: Cardano Yearly
Support: The Key To A 15% Price Breakout? This pattern is
indicative of a healthy correction process, a natural phenomenon
within the realm of cryptocurrency markets. It speaks to the
resilience of SHIB and its ability to bounce back from adversities,
offering a ray of optimism amidst the prevailing uncertainty.
Furthermore, the current market dynamics suggest that SHIB is
grappling with a local resistance level, posing a formidable
challenge to its upward trajectory. The interplay of reduced
activity among the whale holders and the ongoing battle to overcome
this resistance level implies that if SHIB manages to break through
this barrier, a bullish trend could be on the horizon. (This
site’s content should not be construed as investment advice.
Investing involves risk. When you invest, your capital is subject
to risk). Featured image from Shutterstock
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