- Approximately 88% of Shiba Coin investors are either at a loss or on the verge of it.
- The 77% who are at a net loss could potentially trigger rapid sell-offs in the event of negative news flow.
- Shiba Coin’s price could drop to $0.0000065 if it closes below $0.00000768.
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The article discusses the current state of Shiba Coin, the second-largest meme coin by market value. Despite its significant strides, including the unique achievement of building its own ecosystem, the short-term outlook is not promising, with a majority of investors currently at a loss.
Shiba Coin Investors
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At the current price, 88% of Shiba Coin investors are either not making a profit or are at a loss, with the latter constituting 77%. For 11% of investors, the current price presents an opportunity to sell and break even. If the news flow continues to be unfavorable, this group may be willing to part with their holdings to buy at a lower price.
There has also been a decrease of approximately 9.5% to 9.7% in the number of new, active, and SHIB balance-less addresses in the past week. The overall expansion of Shiba Inu
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There is also a notable decline in participant numbers in Shiba Coin’s Telegram channel, confirming that sentiment is in the negative zone.
Shiba Coin Analysis
There are interesting details in the distribution of Shiba Coin supply. Approximately 41.77% of the total supply is held in inactive addresses and is therefore out of circulation. This dynamic significantly affects the investor group table. About 48 large investors hold 25% of the supply. Meanwhile, ten whales control almost a third of the supply, while small investors command almost 40% of the total distribution.
“Whales” here refer to addresses that hold more than 1% of the total token supply. Large investors have a ratio between 0.1% and 1%, while individual investors have less than 0.1%.
Shiba Coin Price
Shiba Coin’s price has continued to remain in a narrow range since the week of June 5. The price is falling below the middle region, which means that the base line of $0.0000065 could be tested. Investors may benefit from being more cautious if the price closes below $0.00000768.
The information in this article does not constitute investment advice. Investors should be aware of the high volatility and thus the risk associated with cryptocurrencies, and should conduct their own research before making transactions.