Famous meme coin is having some issues on market, but there’s no reason to panic
The structure of various on-chain and market indicators is showing that the Shiba Inu is underperforming in terms of price performance and may not show us positive price performance for the foreseeable future. But investors should not panic just yet.
IntoTheBlock’s data consists of six indicators, most of them moving in the red zone in relation to Shiba Inu. The current state of the token is indeed depressing, and metrics like Net Network Growth and Large Transactions confirm the thesis.
In addition to disappointing growth momentum and a decreasing number of large transactions on the network, SHIB is experiencing a drop in profitability, as the network’s profitability has fallen to a new low, with the majority of Shiba Inu holders taking advantage. About 60% of them are not making any profit from holding the infamous MIME token.
Is Shiba Inu dead?
The market performance of Shiba Inu has not been near the performance most crypto investors would like to see. In less than a month, Shiba Inu lost more than 20% of its value and had no chance to recover since then.
But despite the lack of positive movement and disappointing performance in the long run, SHIB is not performing exceptionally poorly when compared to the performance of more “serious” assets like Ethereum or Cardano.
The current state of Shiba Inu has been caused by generally depressed market conditions rather than the problematic nature of the Shiba Inu token itself. Unfortunately, the stabilization of Shiba Inu’s holder composition did not help the token to gain more self-esteem on the market, and it will most likely remain unprofitable until a global recovery.
