According to a study by IntoTheBlock, 22% of Shiba Inu (SHIB) holders are in profit at the moment. A whopping 77%, or 4 in 5 SHIB holders, are facing losses, while only 1% have broken even.
The data also shed light on the holding time of the Shiba Inu tokens. According to IntoTheBlock, 63% of holders purchased SHIB in the last 12 months. Shiba Inu has been falling after it attained its ATH (all-time high) in October of 2021, one year ago. Hence it is not surprising that most of the holders are at a loss.
However, most of the circulating SHIB supply, around 81% of it, is in the hands of a few. And these whales are still in the money. Nonetheless, they could tank SHIB’s price if there was a sell-off.
Will Shiba Inu rise anytime soon?
The broader crypto markets breathed a sigh of relief this morning as most major tokens witnessed a much-needed spike. Bitcoin (BTC) crossed the $20k barrier, while Ethereum (ETH) turned out to be one of the biggest gainers with a 10% surge. Shiba Inu too surged by 4.2% in the last 24 hours.
Nonetheless, the markets are still bearish. For a proper bull rally, the general market would need to change direction. Moreover, the global economic slump has further weighed down on crypto.
However, Shiba Inu has a host of launches planned for this year, which have the potential to raise the token from its slumber. The Shibarium layer-2 network is one of the most anticipated launches of the year. With it, many expect SHIB prices to rally upwards. Moreover, layer 2 might have its own burn mechanism, which would further help in pushing SHIB prices. Moreover, SHIB has enjoyed a plethora of listings this year. Just yesterday, the token was listed in the US branch of Bitstamp.
At press time, Shiba Inu (SHIB) was trading at $0.00001042, up by 2.4% in the last week.