Total Number Of Shiba Inu Addresses In Profit Drops As Market Braces For Impact
The bear market has been brutal on cryptocurrencies in the market such as Shiba Inu. As a result, the profitability levels of investors in the meme coin have dropped drastically during this time. Even now, SHIB holders continue to see a decline in profitability, bringing it to one of the highest levels of losses since inception.
Only 18% Of Shiba Inu Holders Are In Profit
Data from on-chain aggregators show Shiba Inu investors are not faring well in the current market. Unlike other top tokens in the space, the meme coin has seen its percentage of holders in profit actually drop below 20% while others maintain their positions above 40%.
Currently, there are only 18% of SHIB investors seeing a profit, which is one of the lowest margins recorded since the token was first launched in 2020. This puts the vast majority of investors in losses, some more severe than others.
To be more precise, a total of 78% of all addresses holding SHIB are nursing losses at current prices. This leaves only a meager 4% of investors sitting at breakeven, meaning that these coins were last moved at prices similar to current market prices.
Only 18% of SHIB holders in profit | Source: IntoTheBlock
However, unlike holder profitability, the duration of which these investors are holding their coins has been growing. There are now more long-term SHIB holders than there have ever been with 68% of holders having held their coins for more than a year. Mid-term holders that have held between 1-12 months make up 29%, while only 3% can be classified as short-term holdings, having held for less than a month.
SHIB Price Struggles To Hold Up
Shiba Inu continues to struggle after falling below support at $0.00001. Since then, the digital asset seems to be in free fall with bulls unable to establish any significant support since then. However, it has not been entirely bad for the meme coin given that it has seen 1.06% gains in the last 24 hours. Although small compared to what investors are used to in the crypto market, it shows some resistance from bulls against sellers.
SHIB struggles to recover | Source: SHIBUSD on TradingView.com
Now, SHIB is well below its 50-day and 100-day moving averages which puts it well on a bearish trend in the short to mid-term. The only hope would be for bulls to rally support t $0.0000085 which could eventually serve as a bounce-off point for future increases. Otherwise, a fall to $0.000007 could be programmed.
Related Reading: PEPE, WOJAK, TURBO Take A Nosedive As Meme Coin Euphoria Dies Down
SHIB’s price is currently down almost 90% from its 2021 all-time high. On the shorter timeframe, it is seeing losses of 10.98% on the 7-day chart. This has brought its market cap down to $5.24 billion, making it the 15th-largest cryptocurrency in the space.
Source: Read Full Article