Shiba Inu Profitability Rate Falls to 44%

January 10, 2022 - Around 2 mins mins to read

After a 62% correction, the majority of Shiba Inu owners are now in the red.

*Shiba Inu Profitability Rate Falls to 44%*

According to the composition of holders who are now generating money by holding the asset, the famed Shiba Inu meme-token has officially lost its reign on the altcoin market by becoming a very unprofitable token. IntoTheBlock gave the data.

According to the study, 57 percent of Shiba Inu owners are not in profit, 52 percent are losing money, and 5 percent are breaking even. Only 44% of token holders profit from it, implying that their purchases were made at a lower price than the current one.

The recent cryptocurrency market sell-off, which resulted in a 15-20% decline in the value of major cryptocurrencies, is responsible for the rapid drop in profitability percentage. At the same time, Bitcoin has lost around 12% of its value.

Shiba Inu became immensely famous among cryptocurrency investors in early October after an unknown token had a mind-boggling 1,000% price spike on the market within days of trade.

Shiba Inu has begun a significant corrective phase after peaking at $0.00008, resulting in a 68% retracement at this point. The rapid value decline was triggered by the market being significantly overbought and a large number of short-term speculators eager to sell their assets after losing a little portion of their profits.

During the downturn, however, whales actively backed SHIB by purchasing massive amounts that are now valued more over $1.4 billion on the market. Some purchasing power remains on the market, but regrettably for investors, it is not having a substantial impact on the price.

At the time of writing, SHIB is trading at $0.000028, exactly where the famed 1,000 percent surge began in October.

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Shiba Inu Profitability Rate Falls to 44%

After a 62% correction, the majority of Shiba Inu owners are now in the red.

Shiba Inu became immensely famous among cryptocurrency investors in early October after an unknown token had a mind-boggling 1,000% price spike on the market within days of trade.