Shiba Inu: 1 Million SHIB Addresses in the Red, Shows Data

Vignesh Karunanidhi
Shiba Inu: 1 Million SHIB Addresses in the Red, Shows Data
Source: Analytics Insight

Shiba Inu is a prominent meme coin, earning its place as the second largest meme coin. The team behind SHIB has shown consistent efforts towards its development, as evident from its various developments, such as the SHIB Burn initiative.

Despite the ongoing efforts from the SHIB team, the price of the second-largest meme coin has not been in its best form lately. The recent drop in price has also caused most of the holders who entered at a higher price to be at a loss.

Also read: Shiba Inu Burn Rate Sees a -97% Decline

According to the latest data from the “Break Even Price” indicator of IntoTheBlock, one million Shiba Inu addresses are likely to be in losses.

Source: IntoTheBlock

One Million Shiba Inu holders in losses

Data from the image above depicts the segregation of holders in profit, break-even, and losses. According to the data, green represents profit, gray represents break-even, and red denotes losses.

As it is evident from the image, red is dominating, which denotes that the majority are at a loss. 79.74%, or 1 million Shiba Inu addresses, are in loss, 219.88k addresses, or 17.51%, are in profit, and 34.6k addresses, or 2.76%, are at break-even.

The price of Shiba Inu has been on a downward trend recently. SHIB lost over 17% of its value in the last 30 days and 3.3% in the last seven days. It is not just SHIB; the whole crypto market is trading in the red amidst the market chaos.