Data from IntoTheBlock has revealed an interesting dynamic among Shiba Inu holders. According to the on-chain analytics platform, 68% of SHIB holders are currently at a loss as the crypto continues to fail to register price growth in the early months of the year. Price action shows SHIB is currently trading at $0.000008918 and has been perambulating around the $0.000009 price level for the past week.
Shiba Inu Holder Profitability Percentages
The Shiba Inu community has grown exponentially from its days as an ordinary meme coin, with its team constantly working to elevate the SHIB token’s status. The crypto now has its own fully-fledged ecosystem with a layer-2 scaling solution and other tokens. Consequently, Shiba Inu has drawn in investors from all corners of the crypto market to form quite a following.
Despite this growth and acceptance among many traders, the price of SHIB has failed to kickstart since the beginning of the year. Particularly, the crypto’s highest point so far this year was $0.00001044 on January 11, but it has since fallen by almost 15% and is trading at $0.000008918 at the time of writing.
As a result, SHIB holder profitability has failed to rise, with data showing 902,810 addresses, representing 68% of Shiba Inu holders, purchased the meme coin at a higher price than its current value, putting them underwater on their investment. 352,910 addresses representing 27% of holders are still in the money at the current market price, while 76,240 representing 6% are at a breakeven.
SHIB Holders Remain Strong
It’s important to note that SHIB’s profitability has improved in the past few months as the crypto went on a 72% price surge in the last quarter of 2023. The recent 27% addresses in profit is still an improvement to the 22% reported in November 2023.
A majority of Shiba Inu holders continue to have a positive outlook on the future of the meme coin, despite the fact that roughly seventy percent of Shiba Inu holders are currently in the red. According to IntoTheBlock’s weighted average holding period, 77% of addresses have been holding for more than one year, while only 2% of addresses have been holding for less than 30 days. Notably, addresses holding for more than a year have increased by 2.24% in the past 30 days.
The overall crypto market is currently consolidating, but Shiba Inu continues to gain mainstream attention and adoption. SHIB could rally again once the market recovers and interest in altcoins picks back up. SHIB can surge at any time, and an analyst predicted it could climb as high as $0.010.
SHIB price drops to $0.000008 | Source: SHIBUSD on Tradingview.com
Featured image from Inside Bitcoins, chart from Tradingview.com
Source: https://bitcoinist.com/shiba-inu-in-the-red/