Cryptocurrency markets have declined significantly over the past 24 hours, with assets such as the Shiba Inu (SHIB) losing money. The comprehensive review shows that the top 30 cryptocurrencies by market capitalization declined over both the past 24-hour and 7-day periods. Thus, not only did Shiba Inu lose money, but many other coins also encountered difficulties. At the time of writing, SHIB is trading at $0.000014, down 17% in 7 days. “Big brother” memecoin DOGE also dropped 18%.
SHIB holders are feeling more nervous as on-chain data shows interesting yield dynamics. According to data from IntoTheBlock, the recent price drop has resulted in a larger proportion of SHIB holders losing money than those making money.
SHIB Holder Loss
Profit dynamics are measured using IntoTheBlock’s In/Out of the Money metric, which measures the number of addresses that are in profit or loss at current prices. Notably, the data shows that the proportion of losing holders has increased to 51.98% of all addresses over the past 24 hours, far exceeding the 46.93% of all addresses that are still in profit.
Specifically, about 700,400 addresses are currently in the red, compared to 632,320 addresses that are profitable. On the other hand, 14,600 addresses (1.08% of all addresses) are currently “break-even,” indicating that they are neither in the red nor in the black.
Source: IntoTheBlock
By comparison, 74% of all DOGE addresses remain profitable, despite the recent price drop. This difference highlights the varying impact of market volatility on different cryptocurrencies and their holders.
The number of holders in the red is more pronounced when taking into account those who bought at the current market price. Notably, IntoTheBlock notes that 60.62% of SHIB addresses that bought between $0.000012 and $0.000017 are in the red, compared to 37.41% that are still in the red.
Source: IntoTheBlock
What's next for SHIB?
The cryptocurrency market has been in limbo since July as Bitcoin has continued to consolidate between $60,000 and $70,000 without making a strong breakout at either level. This prolonged period of consolidation has created a challenging environment for many investors, including those holding SHIB.
Despite these challenges, many remain steadfast in their belief in SHIB’s future upside. Lucie, Shiba Inu’s head of marketing, recently addressed these challenges in a post on social media platform X. She urged the community to remain focused on the long-term development and growth of the Shiba Inu ecosystem, emphasizing the importance of confidence. She also recently revealed plans for a new layer 3 blockchain and several tokens.
Additionally, the Shiba Inu ecosystem just celebrated its fourth birthday. The cryptocurrency has come a long way since its early days as a meme token.
SHIB 4-hour price chart | Source: Tradingview
https://tapchibitcoin.io/5198-holder-shib-thua-lo-s.html
