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Only 18% of Shiba Inu (SHIB) holders are currently profitable as the meme coin struggles in the bear market, according to data from on-chain aggregators. The vast majority of investors are nursing losses, with 78% of all addresses holding SHIB currently losing money. However, there are now more long-term SHIB holders than ever before, with 68% of holders having held their coins for over a year. While SHIB has seen 1.06% gains in the last 24 hours, it is well below its 50-day and 100-day moving averages, and is currently down almost 90% from its 2021 all-time high.
This article originally appeared on www.newsbtc.com
The world of cryptocurrency has always been volatile, with prices and market conditions fluctuating constantly. But for those who invested in Shiba Inu, a popular meme-based cryptocurrency, it has been a rollercoaster ride like no other – with a significant drop in profits as the market braces for impact.
Shiba Inu is a relatively new cryptocurrency that gained popularity earlier this year due to its cute, dog-themed branding and a wave of social media promotion. However, in recent weeks, the market has seen a significant downturn. This has resulted in a drop in the total number of Shiba Inu address holders who are now holding fewer coins than before.
The reason behind the fall in Shiba Inu’s market value is the current market conditions. As most investors are aware, numerous factors affect cryptocurrency prices, and the recent bearish market trend has not been supportive of Shiba Inu’s upward momentum.
With the market correcting itself, many Shiba Inu investors have now found themselves staring at the reality of a significant decrease in the value of their holdings. This, in turn, has resulted in a drop in the total number of Shiba Inu owners, who are now unwilling or unable to hold on to their investments in the cryptocurrency.
Furthermore, according to some experts, the decline in Shiba Inu’s market value is not an isolated event. The cryptocurrency market, as a whole, is experiencing a similar decline, with investors across the board feeling the pinch.
With the global cryptocurrency market currently struggling, it is prudent for investors to assess the situation effectively and make informed investment decisions. For those invested in Shiba Inu, it is essential to keep an eye on the market trends to avoid any potential shock losses.
Finally, it is important to note that investing in cryptocurrency is still a high-risk venture and should always be approached with caution. While we cannot predict the future trends of the Shiba Inu market or any other cryptocurrency, investors should always research and seek guidance before investing any funds.
In conclusion, the recent drop in Shiba Inu’s value has been a wake-up call for many investors in the cryptocurrency market. With the total number of Shiba Inu addresses in profit dropping, investors must remain vigilant and assess market conditions effectively to make informed decisions.
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