According to a recent analysis by IntoTheBlock, most memecoin holders are currently experiencing unrealized losses. Shiba Inu investors appear to be the most affected, with only 11% of them in profit. Despite numerous developments surrounding SHIB, the asset's price has been on a decline, similar to the overall cryptocurrency market.

The infographic presented by the blockchain intelligence entity reveals that the majority of Dogecoin, Pepe, Leash, Dogelon Mars, Shiba Inu, and Floki holders are underwater. DOGE investors seem to be the most successful at the moment, with 42% being in profit, while FLOKI holders are at the bottom with just 10%. Shiba Inu investors have also been severely affected by the market's decline, with 89% of them sitting on paper losses.

SHIB's recent price decrease comes on the back of several developments related to the memecoin. For example, the layer-2 scaling solution developed for Shiba Inu, Shibarium, went live at the end of August. The blockchain network aims to increase transaction speed, lower costs, and elevate the memecoin above its rivals. Recently, the total number of wallets on Shibarium surpassed the one million mark. IntoTheBlock also analyzed the current supply of the aforementioned memecoins held by whales. According to the figure, 75% of the Dogelon Mars supply belongs to such large investors, while Shiba Inu is second, with whale concentration equaling 63%.