Shiba Inu profitability has been varying with the fluctuations in the price. Holders who entered SHIB during its all-time highs ended up losing money, as the meme coin is down by 85% from its peak.
According to the data from IntoTheBlock, the profitability of the meme coin has become unprofitable. Data reveals that holders making profits at the current price are only at 16%. Twenty-six percent of the holders are neutral. However, 57% of the holders are in losses.
The recent drop in profitability is due to the drop in its price. SHIB is trading at $0.00001246 with a 4.17% drop in value over the last 24 hours. Shiba Inu’s large holder’s concentration also stands at 80%, with the top whales holding the most SHIB.
Shiba Inu burn rate plummets to -10.37%
Shiba Inu was in the news recently due to an increase in the burn rate of over 10129% in 24 hours. This was one of SHIB’s rare moments in 2023. Shiba Inu has been exhibiting varying burn rates in recent months. The burn rate spikes on some days and drops significantly on others.
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According to the latest details from Shibburn, the burn rate has dropped to -10.37% in the last 24 hours. During this period, 38.1 million SHIB were sent to dead wallets.
Two notable transactions were the ones where 9.5 million SHIB and 16.6 million SHIB were sent to dead wallets.