As a seasoned crypto investor with a knack for riding the waves of volatility, I’ve seen my fair share of market fluctuations, and the recent downturn is no exception. The latest dip in Shiba Inu’s price has left me, like many other SHIB holders, feeling the heat. However, I’ve learned over time that these dips are often temporary setbacks before greater gains.
Over the last day, the cryptocurrency market has seen a substantial drop, affecting various assets like Shiba Inu and causing losses. A thorough examination of CoinMarketCap indicates that the top 30 cryptocurrencies, ranked by market capitalization, have all experienced declines over both the past 24-hour and seven-day periods. Consequently, Shiba Inu is among those experiencing losses as well. Currently, SHIB is trading at $0.00001464, marking a decrease of 14.75% in the last week. Similarly, DOGE, its meme coin counterpart, has dropped by 16.12%.
It appears that Shiba Inu coin (SHIB) holders are experiencing discomfort more intensely, as suggested by on-chain statistics revealing intriguing profitability patterns. Based on data from IntoTheBlock, the recent price drop has led to a higher proportion of SHIB investors facing losses compared to those making profits.
Shiba Inu Holders In Losses
The In/Out of the Money measurement by IntoTheBlock underscores the profitability trends for SHIB, quantifying the number of wallets that are currently experiencing profits or losses at the current SHIB price. Remarkably, this metric indicates that over half (51.98%) of all wallets have incurred losses during the past 24 hours, surpassing the 46.93% of wallets still enjoying gains.
Approximately 700,400 addresses are experiencing losses at this time, while a smaller number, around 632,320 addresses, are making a profit. Interestingly, about 14,600 addresses, which account for approximately 1.08% of the total, are considered neutral, as they neither have losses nor profits.
Approximately three out of every four Dogecoin (DOGE) wallets are still making a profit, even during this current dip in prices. This disparity highlights how the effects of market changes can vary greatly among different digital currencies and their investors.
When considering those who purchased close to the current market prices, it’s clear that a larger number of SHIB holders are experiencing losses, as indicated by IntoTheBlock. Specifically, about 60.62% of SHIB wallets that bought between $0.000012 and $0.000017 have moved into the red, compared to 37.41% that are still enjoying profits.
What’s Next For SHIB?
Since July, the crypto market has been stuck in a holding pattern as Bitcoin fluctuates between approximately $60,000 and $70,000 without making a significant break above or below these levels. This extended phase of volatility has made it tough for numerous investors, including those who own SHIB.
In spite of the difficulties, numerous Shiba Inu coin owners continue to be resolute in their faith that its price will rise significantly in the future. Not too long ago, Lucie, who leads marketing for Shiba Inu, spoke about these challenges on social media platform X. She encouraged the community to stay committed to the project’s long-term progress and growth, highlighting the significance of maintaining trust in the Shiba Inu ecosystem.
As a researcher delving into the dynamic world of digital currencies, I am thrilled to share that the Shiba Inu ecosystem just turned four! This remarkable crypto project started life as a humorous meme token but has since grown significantly in its journey.
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2024-08-04 04:11