Shiba Inu (SHIB), once deemed a potential disruptor and Dogecoin rival, faces a substantial downturn, according to recent data from crypto analytics firm IntoTheBlock.
SHIB’s High Loss Ratio
Roughly 66% of people who own SHIB are losing money because the token is having difficulty gaining traction in the market. It is important to note that only 28% of all buyers are profitable, with only 6% breaking even.
Of more significant concern is the wealth concentration within SHIB, with 78% of total holdings controlled by a small group, heightening risks and volatility for average investors.
The most recent report shows that SHIB trades at a dull $0.000009039. It has dropped 0.78% in the last 24 hours and 5.86% in the last month. The amount of trade has also gone down by 10.03 percent to $62.28 million.
This drop in volume shows that investors are becoming less interested and more cautious as they reevaluate their positions in a token that seems to lack any excitement. The current behavior of the Shiba Inu market highlights how volatile meme coins and cryptocurrencies can be.
More prominent investors have bigger SHIB bags, and most are losing money. This situation makes it difficult to determine how stable the SHIB market is. With no price spark in sight, a further downtrend seems like a plausible outcome.
