The cryptocurrency market has experienced a significant downturn over the past 24 hours, with assets such as Shiba Inu showing losses. A comprehensive review of CoinMarketCap reveals that the top 30 cryptocurrencies by market capitalization have recorded declines in both the past 24-hour and seven-day periods. As such, Shiba Inu hasn’t been left out, with the crypto also in losses. At the time of writing, SHIB is trading at $0.00001464, down by 14.75% in seven days. DOGE, its meme coin counterpart, is also down by 16.12%.
SHIB holders are feeling the heat more, with on-chain data showing interesting profitability dynamics. According to data from IntoTheBlock, the recent price decline has resulted in a larger percentage of SHIB holders finding themselves at a loss compared to those in profit.
Shiba Inu Holders In Losses
The profitability dynamics are highlighted by IntoTheBlock’s In/Out of the Money metric, which measures the number of addresses that are either in profits or losses at the current price of SHIB. Notably, the metric shows that the percentage of holders in losses has risen to 51.98% of total addresses in the past 24 hours to outnumber 46.93% of total addresses still in profit.
Particularly, around 700,400 addresses are currently in losses, compared to 632,320 addresses in profit. On the other hand, 14,600 addresses, representing 1.08% of the total addresses, are currently “at the money,” suggesting that they are neither in losses nor profits.
In comparison, 74% of the total DOGE addresses are still in profit, despite the recent price downturn. This difference shows the varying impacts of market fluctuations on different cryptocurrencies and their holders.
The number of holders in loss is more pronounced when taking into account those that bought in around the current market prices. Notably, IntoTheBlock notes that 60.62% of SHIB addresses that bought between $0.000012 and $0.000017 have slid into losses, as opposed to 37.41% still hanging onto profitability.
What’s Next For SHIB?
The crypto market has been in limbo since July as Bitcoin continues to consolidate between $60,000 and $70,000 without sustaining a strong breakthrough at either price point. This prolonged period of consolidation has created a challenging environment for many investors, including those holding SHIB.
Despite these challenges, many SHIB holders remain steadfast in their belief in a future price surge for the meme coin. Lucie, Shiba Inu’s marketing lead, recently addressed these challenges in a post on the 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.
In other news, the Shiba Inu ecosystem recently celebrated its fourth birthday. The cryptocurrency has come a long way since its early days as a meme token.
Featured image created with Dall.E, chart from Tradingview.com
