Popular meme coin Shiba Inu has lost more than 1 million holders, down 15% this month. That’s why he’s trying to make up for recent losses. Meanwhile, a popular crypto analyst discusses Cardano’s future prospects.
Meme coin damaged more than 1 million holders!
The 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. This collapse damaged more than 1 million SHIB holders. The altcoin is now looking to return to the $0.00001 zone. Data from on-chain data intelligence provider IntoTheBlock shows that at the current price of SHIB, up to 81% of meme coin investors are facing losses on their investments. Etherscan data confirms that SHIB currently has an estimated 1.3 million holders. This leaves 1,053,000 addresses at a loss.
Also, IntoTheBlock reveals that only 16% of owners, corresponding to more than 200,000 addresses, make a profit. In addition, nearly 39,000 addresses are at the breakeven point. This shows that the holders in question have neither profit nor loss from their investments.
This bearish reality is the result of an ongoing market-wide bloodbath that has pushed 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.
SHIB watches recovery amid accumulation surge
Crypto analyst Albert Brown analyzes SHIB’s technical outlook. The Shiba Inu started the month with a price of $0.00001008 as the downtrend that started in mid-April spread. The altcoin 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 bounce back and 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 reveals 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 steady accumulation trend among other addresses.
This accumulation points to a renewed interest triggered by optimism. Meme coin wants to capitalize on emerging demand to launch a rescue campaign. SHIB will need to break above the main resistance between $0.000009 and $0.00001 as a result of the massive selling wall in this zone.
Analyst predicts big move for Cardano (ADA)!
Renowned crypto analyst and founder of Crypto Capital Venture Dan Gambardello has released an exclusive video discussing Cardano’s (ADA) future prospects. The analyst addressed recent concerns about the completion time of swaps on Cardano-based decentralized exchanges (DEXs). Cardano has recently come under scrutiny for reports that some trades take up to 30 minutes to complete. However, Gambardello reassures his audience that he has not personally encountered such delays when using Cardano-based DEXs. By emphasizing the reliability and efficiency of the ecosystem, it defends it against circulating doubts.
Additionally, Gambardello delves into his analysis of ADA’s current state, highlighting the coin’s sideways price action. According to the analyst’s observations, Cardano is currently at a critical juncture where it can experience a significant rise or sharp decline. The analyst says that if ADA leaves a bear market scenario, it will serve as a bullish confirmation. He also states that it will signal a positive trend for the altcoin.
cryptocoin.comAs the crypto community anticipates an uptrend for ADA, the Cardano development team continues to refine the network’s offerings to support adoption. One of these advances was the launch of the first mainnet compatible version of Hydra two weeks ago. Moreover, Cardano founder Charles Hoskinson recently opened Hoskinson Health and Wellness Clinic in Wyoming. This family-owned clinic accepts payments in ADA. Hoskinson plans to expand the clinic with the adoption of AI-powered medicine.
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