Almost 90% of Shiba Inu (SHIB) Holders Currently in Losses, But There’s More
A recent analysis conducted by IntoTheBlock has revealed that a significant majority of memecoin holders are currently facing unrealized losses. Among them, investors of Shiba Inu (SHIB) appear to be the most affected, with only 11% of them being in profit.
Shiba Inu’s Price Decline
Despite the ongoing developments and advancements surrounding SHIB, the asset’s price has recently experienced a downfall, similar to the overall cryptocurrency market.
Unrealized Losses for Memecoin Holders
According to the infographic presented by IntoTheBlock, holders of various memecoins like Dogecoin, Pepe, Leash, Dogelon Mars, Shiba Inu, and Floki are currently underwater, with their investments in a loss-making position. Among these memecoin holders, Dogecoin investors seem to be the most successful at the moment, with 42% of them being in profit. On the other hand, Floki holders are at the bottom, with only 10% in profit.
Shiba Inu Holders Affected
Individuals who have invested in Shiba Inu, claiming it to be the Dogecoin-killer, have also been severely impacted by the market’s decline. As per the analysis, a staggering 89% of Shiba Inu holders are currently facing paper losses.
Shibarium’s Impact on SHIB
SHIB’s recent price decrease occurred despite the launch of Shibarium, a layer-2 scaling solution developed for Shiba Inu that went live at the end of August. Shibarium aims to enhance transaction speed, reduce costs, and establish Shiba Inu as a leading memecoin. The platform has already surpassed one million wallets, indicating growing adoption.
Whale Concentration in Memecoins
In addition to analyzing the profit/loss status of memecoin holders, IntoTheBlock also assessed the distribution of the current supply among whales. According to the data, 75% of the total Dogelon Mars supply is held by large investors, making it the most concentrated among memecoins. Shiba Inu follows closely behind, with 63% of the supply belonging to whales.
The recent analysis indicates that a significant number of SHIB holders, as well as other memecoin investors, are currently facing unrealized losses. The decline in SHIB’s price, despite the introduction of Shibarium and growing adoption, raises concerns about the potential for recovery in the short term.
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