As a seasoned crypto investor with scars from past market turbulences etched deep into my virtual wallet, I can’t help but feel a sense of deja vu when looking at Shiba Inu’s current predicament. The 60% decline in profitability and the subsequent chart that tells a tale of woes is all too familiar.
2021 has brought about a significant 60% drop in Shiba Inu’s profitability ratio, falling below the 50% mark. This downturn suggests challenging times for most of its investors. The substantial price drop observed on the provided graph is closely connected to this decrease in profitability.
To predict future events, it’s vital to analyze on-chain statistics and overall market attitudes towards Shiba Inu (SHIB), as its performance remains challenging. Historically, the profitability ratio – indicating the percentage of holders currently making a profit at the current price – has served as a significant indicator of investor sentiment and market condition.
Approximately 60% or more of Shiba Inu (SHIB) investors are experiencing financial losses right now, as evidenced by the metric falling below 50%. This decrease might lead to increased selling activity as investors aim to minimize their losses. This trend is a stark contrast to SHIB’s performance earlier in the year, where more of its holders were making gains. By analyzing on-chain data, we can see that SHIB’s significant transaction volume has decreased noticeably, with a considerable drop in high-value transactions exceeding $100,000.
The decrease in major trades might indicate that large investors, often responsible for substantial market fluctuations, are becoming less engaged. Over the past 24 hours, we’ve seen only 82 significant transactions compared to just 56 over the last week, suggesting a discernible drop in activity.
Furthermore, it’s worth noting that about 73% of SHIB‘s supply is controlled by a few major holders. This suggests that a significant amount of the token is held by only a small number of wallets. On one hand, this could be seen as a sign of confidence from big investors. On the other hand, it means that if these large holders decide to sell in large quantities, it could significantly impact the market.
Based on all the data we’re seeing – both from exchanges and directly on the blockchain – it appears that the market is heading downward. Large transactions are decreasing substantially, and the network growth is actually shrinking slightly. If there aren’t any positive developments to spark optimism soon, it seems like we might be in for further drops, as suggested by the imbalance in bid-ask volume where sell orders outnumber buy orders.
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2024-08-30 16:50