Due to some of its significant performance milestones, Shiba Inu (SHIB) has been on the radar of many investors over the past several weeks. The total number of addresses that have been lost has exceeded 85%, even yet the meme currency continues to be a hit with investors.
Expanding SHIB wallet profitability
A total of 1.06 million addresses are “out of the money,” which is a label for accounts that are losing money, according to information from crypto analytics service IntoTheBlock (ITB). Only roughly 134.05K of the addresses hosted on the network are profitable, or about 10.86%.
Despite several cryptocurrencies reaching new highs in recent weeks, Shiba Inu’s price has only increased little. SHIB is trading at $0.000007611 at the time of writing, down with a minor loss over the last 24 hours. The weekly growth tick for the meme currency is likewise negative, falling by 4.93%.
Investors in Shiba Inu seem to be entirely focused on the long-term potential of the Shibarium protocol utilised by the meme currency. The expectation around the kind of smart contracts and decentralised apps that will be finding their way onto Shibarium is what fuels the passion being cultivated over the protocol.
Shibarium has been reaching significant milestones in its transaction count and the total number of addresses on the protocol even though it is still in the testnet — PuppyNet — phase. These all affect prices in more ways than simply favouring early investors.
Place of tightening competition
Shibarium is presently the focus of Shiba Inu attention, although it should be highlighted that its two main competitors, Dogecoin (DOGE) and PEPE Coin (PEPE), are giving it a tough fight. Investors are now more enthused about these competitors than they were about SHIB as a result of the competition.
