The crypto markets are bouncing back from the recent crash, amid a world engulfed in conflict. However, despite the uptick in the larger crypto markets, the majority of Cardano (ADA) and Shiba Inu (SHIB) holders are still losing money, according to the data on IntotheBlock.
Crypto intelligence service IntoTheBlock examines wallets with a Cardano balance, identifies the average purchase amount of the coins, and compares the figure to the current price of ADA to identify which holders are still underwater.
Even after Cardano’s 28.8% rise from a seven-day low of $0.74 to its current price of $0.95, 84% of ADA holders remain out of the money or in losses, according to IntoTheBlock. As per the crypto analytics firm, only 12% of ADA holders are in profit, while 4% are in the green or breakeven.
According to IntoTheBlock, 55% of Shiba Inu owners are nursing losses, 39% are holding gains, and 7% are breaking even. SHIB is currently trading at $0.000027, about 30% higher than its seven-day low of $0.000021.
Additionally, the majority of Ethereum (ETH), with 73%, investors are profiting. 23% are in the red, and only 4% are breaking even.
Meanwhile, 51% of Dogecoin (DOGE) holders are holding onto gains, while 43% are in losses, while 6% are breaking even.
Why are Cardano and Shib holders in the red?
With the ongoing conflict between Ukraine and Russia, markets saw a turn for the worse. Although things have since turned around, ADA and SHIB have not been on their best performance. People of Ukraine and Russia have started to deposit their money into crypto, mostly into Bitcoin. That could be a reason for the increase in Bitcoin prices. However, the people in the affected areas don’t seem to be putting their money into altcoins like Cardano and Shiba Inu.
Although both Cardano (ADA) and Shiba Inu (SHIB) had an incredible bull run in 2021, they have not been able to get back on track.
Shiba Inu has seen a wide variety of listings and collaborations, with a big social media presence. However, it has not been enough to push the token into the green for its investors.
Cardano witnessed a rapid increase in the number of wallets holding between 10,000 to 100,000 ADA tokens, while it saw a decrease in the number of wallets holding 100,000 to 1,000,000 ADA. These two metrics cancel each other to show neutrality.
Apart from regular cryptocurrencies, IntoTheBlock is also keeping track of how profitable Decentraland’s virtual reality platform is for its owners (MANA). According to the research firm, 47% of MANA holders are in profit, while 42% are in losses. The rest are on the verge of breaking even.