According to the famous crypto analytics firm IntoTheBlock, the majority of holders of popular altcoin projects Cardano (ADA) and Shiba Inu (SHIB) are still underwater despite the price rally. This means that the average purchasing costs are too high to break through the profits yet. Details on the subject cryptocoin.com‘in.
Many Cardano (ADA) holders are still at a loss
New data from IntoTheBlock reveals that despite the bounce in the broader crypto markets, the majority of Cardano (ADA) and Shiba Inu (SHIB) holders remain at a loss and are yet to become profitable. Reputable crypto analytics and intelligence firm IntoTheBlock looks at wallets with Cardano balances to determine which investors are still at a loss (underwater). It determines the average purchase cost of cryptocurrencies in these wallets being looked at and compares the figure to the current ADA price. As a result, it can be revealed whether the wallet is in loss or profit.
The analytics firm’s data shows that 84% of ADA holders are underwater. The data shows that ADA traders are at a loss or even after Cardano’s 28.8% rally from its seven-day low of $0.74 to its current price of $0.95. The crypto analytics firm also reveals that only 12% of ADA holders are in profit, while 4% are at par.
Similar situation for SHIB
Looking at the “Dogecoin killer” meme coin Shiba Inu, IntoTheBlock says that 55% of SHIB holders have their positions at a loss. Analysis shows that 39% of the investors are in profit and 7% of them are in a head-to-head position. At the time of writing, SHIB was trading at $0.000027, up about 30% from a seven-day low of $0.000021. IntoTheBlock also tracks profitability for owners of virtual reality platform Decentraland (MANA). According to the analytics firm, 47% of MANA holders are in positive positions and 42% are in losing positions. The remaining 11% looks head-to-head.
As for the leading memecoin Dogecoin (DOGE) investors, the firm states that 51% of DOGE holders are making profits, 43% are at a loss, and 6% are at par. Also, IntoTheBlock reports that the majority of Ethereum (ETH) holders are in profit, with 73% in profit, 23% at loss, only 4% at par.
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