Are Shiba-Inu Owners at a loss? Reports Suggest only Few SHIB Owners Are in The Profit Zone
At the time of writing Shiba-Inu is up by more than 15 percent and is trading at $0.00003138
Shiba-Inu managed to surpass Bitcoin as the most popular cryptocurrency on CoinMarketCap in 2021, but it is currently experiencing a rapid decline as its popularity dwindles. The Shiba Inu price has indicated increased market volatility, indicating that the cryptocurrency’s price is getting more volatile and may suffer an increase or decrease in the near future.
According to cryptocurrency research platform IntoTheBlock, just a small percentage of Shiba Inu (SHIB) holders are currently profitable, since the meme coin is roughly 70% off its all-time high.
To find out which Shiba Inu holders are currently losing money, IntotheBlock examined wallets with a Shiba Inu balance, calculated the average purchase value, and compared it to the current price of the Dogecoin (DOGE) competitor.
If the average purchase price is higher than the current price, the holder is underwater or “out of the money.” An investor, on the other hand, is said to be “in the money” or “profitable” if the average cost is less than the current price.
The holder is “at the money” or at break even when the average cost is equal to the current price.
According to IntoTheBlock, 78 percent of Shiba Inu owners are wealthy investors or whales.
According to the crypto analytics organisation, 89 percent of SHIB holders have kept the memecoin for one to twelve months, while 11 percent have held Shiba Inu for less than one month.
The top 1,000 non-exchange Ethereum (ETH) whales own $1.39 billion worth of SHIB tokens, according to the whale-monitoring tool WhaleStats. On the list of top Ethereum whale holdings, SHIB is presently ranked third. The utility token of crypto derivatives exchange FTX, FTX Token (FTT), is ranked first, followed by Ethereum itself.Source