Shiba Inu Profitability Rate Falls to 44%

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

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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Patrick

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