Shiba Inu (SHIB) Profitability Plunges To Hell As Bloodbath Continues
2022年6月15日 - 2:00AM
NEWSBTC
The market crash has been especially brutal for meme coins such as
Shiba Inu and Dogecoin. These coins had recorded impressive numbers
in the bull runs of 2021 but the real test had come once the market
had begun to decline. This meant that most have lost a large
percentage of their all-time high values that were hit during the
bull run. Along with this, the profitability of the meme coins had
declined and has seen most investors holding bags of losses. Only
14% In Profit According to data from IntoTheBlock, the number of
Shiba Inu investors who are making money at current prices has
fallen drastically. It is currently sitting at only 14% of all
investors are in the money, one of the lowest in the space for
larger cryptocurrencies. Compared to its fiercest competitor,
Dogecoin, Shiba Inu is performing terribly in terms of return.
Where the latter is at 14%, Dogecoin investors in profit are
sitting at 44%. Related Reading | Bitcoin Drops To 18-Months
Lows, Has The Market Seen The Worst Of It? This means that the
wider majority of the Shiba Inu investors are languishing in the
loss. The data points to a total of 81% of all holders being in the
loss. For those experiencing a little bit of reprieve, they find
themselves in the neutral territory, where only 4% of holders
currently reside. However, this may not last long either unless
there is a significant recovery on the part of the meme coin. SHIB
price declines more than 90% from ATH | Source: SHIBUSD on
TradingView.com Interestingly, the majority of Shiba Inu holders
have held their coins between the 1-12-month periods. However,
there are those who have held for longer and are presumed to still
be at loss. The coin still sees large transactions on a daily basis
and enjoys support from the largest Ethereum whales. But continues
to suffer losses. Shiba Inu On The Charts Over the last couple of
days, there has been a sharp decline in the price of Shiba Inu. The
meme coin which had been performing poorly prior to the crash had
been effectively caught in the crosshairs and ended up taking one
of the largest hits. Bears have recently taken hold of the
cryptocurrency but with these dips, the bulls have lost most, if
not all, leverage coin the price of the meme coin. What remains is
speculations regarding how low the price can go, calling for more
shorts than long-term investments. Related Reading
| More Than 253,000 Traders Liquidated As Crypto Bloodbath
Continues This decline has seen it lose its position on the list of
largest cryptocurrencies by market cap, falling by multiple spots
to be sitting at 17th place currently. With the exit of the coin’s
founder about a month ago, it was expected that there will be more
decline in the meme coin and its popularity. SHIB is currently
trading at $0.000008099 at the time of this writing. Although it is
up 5.24% in the last 24 hours, it is down 24.34% on a 7-day moving
basis. Its market cap has declined to $4.45 billion, putting it
behind the likes of AVAX and TRX. Featured image from Yahoo!
Finance, chart from TradingView.com Follow Best Owie on Twitter for
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