According to cryptocurrency analytics platform IntoTheBlock, meme coin Only a small minority of Shiba Inu (SHIB) owners are currently making profits, as they have suffered losses of up to 70% from their all-time high.
To determine which holders are currently losing money, IntotheBlock looked at wallets with Shiba Inu investment, determined the average purchase amount of the coins, and compared the figure to the current price of its Dogecoin (DOGE) competitor.
If the average purchase amount is higher than the current price, the owner of the coin underwater (purchase value greater than market value) or “out of the money” (at a loss at current pricing). On the other hand, if the average cost an investor spends is less than this current price, “parada/in the money” (currently in profit) or in profit.
When the average cost is the same as the current price, the investor’s “at par/at the money” or is said to be at the zero profit point.
While Memecoin is currently trading at $0.0000027, 56 percent of Shiba Inu owners are in the red and losing money. While only 40 percent of Shiba Inu investors are in profit, 4 percent are at the zero profit point.
IntoTheBlock data also reveals that 78 percent of Shiba Inu holders are either deep pocketed investors or whales.
The crypto insight firm also says that 89 percent of SHIB holders have held the memecoin for between one and 12 months, and 11 percent have held the Shiba Inu for less than a month.
Given the current situation, the popular meme coin seems to have completely lost its late-October rally, which stunned the investor community. SHIB hit its current high of $0.00008616 on Oct. 28 and seemed on the verge of dropping another zero, gaining more than 210 percent in just six days.
Then this incredible rally came to a halt. Despite a number of exchange listings, surge in trader adoption, impressive milestones, and new developments in the token’s expanding ecosystem, the Shiba Inu has yet to regain its fundamentals, continuing its sluggish price performance.
Despite these disappointing price movements, the top 1000 over-the-counter Ethereum (ETH) whales currently hold $1.39 billion worth of SHIB tokens, according to data from whale watching platform WhaleStats. SHIB currently ranks third on the top Ethereum whale holdings list after Ethereum itself and FTX Token (FTT), the service token of crypto derivatives exchange FTX, which comes after ETH.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.