72% Shiba Inu Investors In A Loss; The Number of SHIB Transactions Drop to 14-Month Low

72% Shiba Inu Investors In A Loss

Shiba Inu (SHIB), a famous meme cryptocurrency, has seen a dip in transaction volume, indicating that the enthusiasm around meme currencies is fading as the wider market battles turbulence.

According to statistics from blockchain analytics website bloxy.info, SHIB’s total number of transactions fell to 207,647 in May, the lowest level in the prior 14 months.

The decrease in transactions is consistent with the declining trend seen in recent months. Between January 2022 and May 2022, the transaction fell by nearly 26% in this line.

The largest transaction in the recent 14 months was 1.38 million in October of last year. Peak transactions occurred during the crypto bull run, which culminated in Bitcoin reaching an all-time high of around $68,000 in November.

The decline in transactions can be seen as a reaction to the meme coin’s price drop at a time when the majority of investors are losing money; in fact, according to data gathered from Intotheblock.com, 72% of SHIB holders are now losing their money.

Despite the token’s unsteady pricing, SHIB continues to attract new investors, increasing by 30,568 between April 27 and May 26. The rise in holders can be attributed to the network’s continued growth and the possibility for increased adoption.

Marcie Jastrow, a notable entertainment industry executive, just joined the network’s metaverse team as a contributor, according to the SHIB team.

Despite the fact that SHIB has had a difficult time, the token has gained roughly 0.6 percent in the previous 24 hours, trading at $0.000012 at the time of writing.

Investors will be watching SHIB’s next move in the hopes that the token will repeat its 2021 success. The asset and meme currencies, on the other hand, have recently been chastised for a lack of use cases.

Despite the worries, the coin has gained popularity, including being accepted as a payment option and being listed on famous crypto trading platforms like as Robinhood.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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