The cryptocurrency market has seen a significant decline over the past 24 hours, with assets like Shiba Inu showing losses. A comprehensive review of CoinMarketCap reveals that the top 30 cryptocurrencies by market cap have recorded declines in both the past 24-hour and seven-day periods. As such, Shiba Inu has recorded declines in both the past 24-hour and seven-day periods. Not excludedwith the cryptocurrency also suffering losses. At the time of writing, SHIB is trading at $0.00001464, down 14.75% in seven days. DOGE, its meme coin counterpart, is also down 16.12%.
SHIB holders are:Feeling hotterwith on-chain data showing interesting profitability dynamics. According to Data from IntoTheBlockThe recent price drop has resulted in a larger percentage of SHIB holders losing money than those making profits.
Shiba Inu Bearers in Losses
Profitability dynamics are highlighted by IntoTheBlock’s In/Out of the Money metric, which measures the number of addresses that are in profit or loss at the current price of SHIB. Notably, the metric shows that the percentage of losing coin holders has risen to 51.98% of all addresses in the past 24 hours, surpassing the 46.93% of all addresses that are still in profit.
In particular, there are about 700,400 addresses currently in a loss, compared to 632,320 addresses in a profit. On the other hand, there are 14,600 addresses, representing 1.08% of the total addresses, that are “currently in good financial condition,” indicating that they are neither in a loss nor in a profit.
In comparison, 74% of all DOGE addresses are still profitable, despite the recent price drop. This difference shows the varied effects of market volatility on different cryptocurrencies and their holders.
The number of losing holders is even more pronounced when taking into account those who bought the coin at current market prices. Notably, IntoTheBlock notes that 60.62% of SHIB addresses that bought the coin between $0.000012 and $0.000017 have slipped into losses, while 37.41% are still holding on to profitability.
What’s next for SHIB?
The cryptocurrency market has been in a state of uncertainty since July with Bitcoin’s value declining. continues to unify $60,000-$70,000 without a strong breakout at any price point. This prolonged period of consolidation has created a challenging environment for many investors, including Those who hold SHIB.
Despite these challenges, many Shiba Inu holders remain steadfast in their belief that the meme coin will rise in price in the future. Lucy, Shiba Inu’s CMO, recently addressed these challenges: In a post On social media platform X. She urged the community to focus on the long-term development and growth of the Shiba Inu ecosystem, emphasizing the importance of trust.
In other news, the Shiba Inu ecosystem It was recently celebrated. Its 4th birthday. Cryptocurrency has come a long way since its early days as a meme token.
Featured image created using Dall.E, chart from Tradingview.com