Total Number Of Shiba Inu Addresses In Profit Drops As Market Braces For Impact
May 10 2023 - 12:00PM
NEWSBTC
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%.
Related Reading: Matrixport Report: Here’s What Happens To Bitcoin
If Inflation Continues To Fall 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. Follow Best
Owie on Twitter for market insights, updates, and the occasional
funny tweet… Featured image from iStock, chart from TradingView.com
SHIBA INU (COIN:SHIBUSD)
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SHIBA INU (COIN:SHIBUSD)
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