shiba inu (SHIB) has not recovered from the widespread turmoil in the market. The asset is down more than 15% this month to break below the strong support of $0.00001. While this collapse has left more than 1 million SHIB holders in losses, the asset is now looking to return to the $0.00001 region.
Data from on-chain data intelligence provider IntoTheBlock shows that at the asset’s current price, up to 81% of Shiba Inu investors are facing losses on their investments. Etherscan data confirms that SHIB currently has an estimated 1.3 million owners. This leaves 1,053,000 addresses at a loss.
Also, IntoTheBlock reveals that only 16% of owners, corresponding to more than 200,000 addresses, are making a profit. In addition, approximately 39,000 addresses are at the breakeven point. This shows that these owners have neither profit nor loss from their investments.
This bearish reality is a result of continued market-wide negative sentiment that drove SHIB below the $0.00001 threshold. According to IntoTheBlock, the majority of Shiba Inu holders purchased their tokens while the asset was trading between $0.000009 and $0.000026. SHIB is currently trading at $0.00000852, down 1.96% last week.
Shiba Inu Struggles to Recover Amidst Accumulation Increase
meme coinstarted the month at $0.00001088 with the spread of the downtrend that started in mid-April. Crypto The asset closed May 1 below the $0.00001 level. But he quickly took it back the next day. SHIB continued to defend the $0.00001 support until May 6, when it dropped 5.14%.
Subsequent declines resulted in a free fall from the $0.000008 lows. The bulls failed to make a comeback. The asset continued to consolidate between $0.00000832 and $0.000009. At its current value, SHIB is down 15.81% this month.
Developments surrounding the ecosystem did little to provide support for the bulls. However, the asset is trying to recover thanks to an increase in whale accumulation. An IntoTheBlock chart shows that investors collected over 2.8 trillion SHIB in the past week.
Additionally, data from behavioral analytics platform Santiment shows that whale addresses holding 10 billion to 100 billion Shiba Inu have purchased more than 1.9 trillion SHIBs since the end of March. There is also a stable accumulation trend among other addresses.
This accumulation points to a renewed interest triggered by optimism. The Shiba Inu wants to capitalize on emerging demand to launch a rescue campaign. The asset will need to break above the main resistance between $0.000009 and $0.00001 as a result of the large selling wall in this zone.
Source : The Crypto Basic