According to on-chain data, 60% of Shiba Inu holders are currently losing money, which presents a harsh reality. Many investors were caught offguard by the meme coins’ recent price decline, especially those who purchased during recent rallies in anticipation of another leg up.
A sizable section of the community has suffered large unrealized losses as a result of SHIB’s price performance, which has been anything but bullish. SHIB’s incapacity to maintain upward momentum is the main cause of this extensive loss. At local peaks, many traders jumped in, propelled by market speculation and hype. A spike in buying activity occurred during recent accumulation phases, but SHIB reversed downward instead of breaking out, trapping these buyers in losing positions.
In addition, SHIB’s difficulties have been exacerbated by general market circumstances. Being a highly speculative asset, SHIB has been hit even harder than some other cryptocurrencies by the recent decline in the altcoin market, which has also affected Bitcoin. Its difficulties have been exacerbated by the general drop in interest in meme coins and SHIB’s lack of substantial utility.
Related
A recovery toward the $0.000012-$0.000015 range may be feasible if SHIB is able to recover important resistance levels and win back investor trust. Better sentiment on the cryptocurrency market as a whole and more whale accumulation would be necessary for this.
Related
The price might fall even more if selling pressure persists and SHIB is unable to maintain support at $0.000008, possibly retesting lower levels around $0.000006. In this case, investor losses would increase and more holders would enter negative territory. Risk management is essential on the current uncertain market.
While short-term traders should be cautious to avoid getting caught in another local top, long-term holders might think about dollar-cost averaging at lower prices. In order to decide the best course of action, it will be crucial to keep an eye on SHIB’s key technical levels and the general mood of the market.
Source: https://u.today/shiba-inu-shib-almost-60-in-losses-amid-price-crash