The Shiba Inu token, known for its popularity among crypto enthusiasts, is facing a major setback as the percentage of tokens carrying losses to their holders has surpassed a critical threshold. According to crypto analytics portal IntoTheBlock, over 90% of the total SHIB supply is currently incurring losses, with an additional 2.54% on top.
A startling 500 trillion Shiba Inu tokens, excluding the 410.3 trillion burnt tokens, are already incurring losses to their owners. Based on the current value of the Shiba Inu token, this collection of unproductive tokens has a staggering worth of almost $3.77 billion.
Shiba Inu now ranks sixth among crypto assets with a valuation above $1 billion in terms of this unfavourable ratio, underscoring the severity of the problem. The bulk of these SHIB tokens incurring losses were purchased for between $0.000008 and $0.00002 per token. Notably, between $0.000008 and $0.000014, 290.89 trillion tokens were bought, and from $0.000014 and $0.0002, 424.07 trillion tokens were bought.
The Shiba Inu token’s prospects are drastically bleak in light of this new trend. Not only is SHIB considered a loss-making token, but it is also under a great deal of pressure right now. Shiba Inu may see a more severe decline if even a small number of owners of underperforming SHIB tokens decide to sell their holdings and cut their losses.
