Shiba Inu (SHIB) Becomes Unprofitable - Shiba Inu profitability rate drops to 44%, making token unprofitable for majority of holders.

    Data provided by IntoTheBlock show us that the popular Shiba Inu meme-token has officially ended its reign on the altcoin market by becoming a highly unprofitable token, according to the composition of holders that are currently making money by holding the asset.

    SHIB becomes unprofitable

    As the data suggests, 57% of Shiba Inu holders are not in profit, with 52% holding at a loss and 5% breaking even. Only 44% of token holders are profiting with it, which means that their entries were below the current price.

    Source: IntoTheBlock

    The swift drop in the profitability percentage is tied to the most recent cryptocurrency market sell-off that led to a 15-20% drop in the value of most altcoins. Bitcoin, at the same time, has lost approximately 12% of its value.

    Shiba Inu’s path on the market

    Shiba Inu became extremely popular among cryptocurrency investors back at the beginning of October when an unknown token showed a mind-blowing 1,000% price increase on the market within days of trading.

    After topping out at $0.00008, Shiba Inu has entered a strong correction phase that has resulted in a 68% retrace at this point. The swift value drop was caused by an extremely high overbought condition on the market and a high number of short-term speculators who were willing to drop their holdings after losing a small part of their gains.

    But during the plunge down, whales actively supported SHIB by buying out enormous volumes that are currently worth more than $1.4 billion on the market. Some buying power still appears on the market, but unfortunately for investors, it is not significantly affecting the price.


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