Most Shiba Inu holders are now lost after 62% correction
The notorious Shiba Inu meme-token has officially ended its reign on the altcoin market by becoming a highly unprofitable token, according to the composition of holders that are currently making money by holding the asset. Data provided by IntoTheBlock.
SHIB becomes unprofitable
As the data suggests, 57% of Shiba Inu holders are not making a profit, with 52% at a loss and 5% at breakeven. Only 44% of token holders are taking advantage of it, meaning their admissions were lower than the current price.
The swift drop in the profitability percentage is tied to the most recent cryptocurrency market sell-off that led to a 15-20% drop in the value of most altcoins. Bitcoin, at the same time, has lost approximately 12% of its value.
Shiba Inu’s journey through the market
Shiba Inu became extremely popular among cryptocurrency investors in early October when an unknown token showed a staggering 1000% price increase in the market within days of trading.
After topping out at $0.00008, Shiba Inu has entered a strong correction phase that has resulted in a 68% retrace at this point. The swift value drop was caused by an extremely high overbought condition on the market and a high number of short-term speculators who were willing to drop their holdings after losing a small part of their gains.
But during the fall, Whales actively supported SHIB by buying back huge volumes that are currently worth over $ 1.4 billion in the market. Some purchasing power always appears in the market, but unfortunately for investors this does not significantly affect the price.
At press time, SHIB trades at $0.000028, reaching the exact point at which the famous 1,000% run began back in October.
