Bullish to bearish? 43% of Shiba Inu SHIB holders liquidated! Who is making a hundredfold profit?
Shiba Inu Coin (SHIB) has recently suffered a brutal crash, with the price falling to $0.000020, catching many investors off guard. The drop is one of the most dramatic in recent months, hitting the confidence of those who had expected it to soar. Although market analysts had confidently predicted that Shiba Inu Coin would soar, this high-profile meme coin has been giving up its gains.
The crash is closely related to the overall market downturn and Bitcoin's decline, and the entire cryptocurrency market has also been under pressure. For investors who entered the market at the high point of the price, this is undoubtedly a profound lesson, warning them how unpredictable the volatility of the crypto market is.
Data shows that 43% of Shiba Inu Coin investors are currently in a loss state, and only 53% are profitable. IntoTheBlock's on-chain data also shows that the overall trend of Shiba Inu Coin is bearish, and key indicators such as net network growth and transaction volume have performed poorly.
This week, meme coins ushered in a "bloodbath" market, with the market value plummeting 16% to $97.4 billion, and holders panicked and sold. According to Bitfate's latest report on the X platform, the reason behind this wave of decline is obviously inseparable from the panic in the market.
Cryptocurrency analyst Nick Garcia believes that although large meme coins have performed poorly, they may have bottomed out. He pointed out that the decline of medium-sized cryptocurrencies was particularly severe, which was worrying.
At the same time, trader Isak also analyzed the performance of meme coins, emphasizing that the recent weakness of Bitcoin has had a profound impact on market sentiment.
