Most assets in the cryptocurrency space continue to consolidate their gains and trade sideways. The Shiba Inu (SHIB) is no exception. The majority of its Holders are currently unprofitable at the SHIB price. Therefore, they are strongly attracted towards the bear trend.
SHIB price going to zero?
Specifically, 84.85%, or 1.06 million Shiba Inu addresses, are “at a loss” at the asset’s current price, while only 11.14%, or 139,610, are in profit, according to the latest data from IntoTheBlock. At the same time, 4% are head-to-head.
A closer look at the numbers reveals that the largest proportion of loss-making owners (411,390 addresses) purchased the Shiba Inu for between $0.000008 and $0.000014. This makes the average price of $0.00001 an important resistance level for SHIB.
At the same time, the largest share of profit holders (95,690 addresses) purchased Shiba Inu assets for between $0.000000 and $0.000007. This makes the average price of $0.000005 the most important support level for SHIB at the moment.
Whales Carried 542M SHIB
A large number of major SHIB transfers have taken place in the Arkham Intelligence platform’s data in a short period of time. In total, 553 million Shiba Inu were transferred. At the same time, just under 200,000 SHIB went to burn wallets. The largest stack of SHIBs here contained about two-thirds of the entire amount (405 million Shiba Inu). This chunk was transferred from the Binance exchange to an anonymous wallet. A total of 100 million SHIBs were transferred from a SHIB contract to a wallet in the OpenSea NFT marketplace. The Arkham tracker also reported that 111,000 Shiba Inu were moved from Coinbase to a dead wallet.
Token burning continues at full speed
Shibburn tracker has released new data shared by Etherscan showing that 35,342,371 Shiba Inu coins have been sent to dead unspent addresses in the past 24 hours, and no tokens have been withdrawn from them. This automatically means that the tokens locked there will no longer circulate and the supply circulating in the market will decrease. The largest pile here carried 16,901,258 SHIB, almost half of the total amount of 35 million.
Claim: One month left to Shibarium launch!
Recently, the leader of Shiba Inu, Shytoshi Kusama, announced some news about the upcoming Shibarium mainnet release. He published a blog post about it. According to the Medium article, Shiba Inu will be among the sponsors of the annual Eth Toronto conference, where major SHIB-branded projects will be officially announced and Kusama will give a speech via artificial intelligence.
Kusama also said that the launch of the Shibarium mainnet will be discussed in detail there and the launch will take place after the event. Puppynet, aka the Shibarium test-net, saw a huge increase in the total number of transactions earlier this week. Meanwhile, SHIB is changing hands at $0.000007536 at the time of writing. Meme coin currently ranks 18th on this crypto reference platform.
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