The cryptocurrency market has seen a notable decline over the last 24 hours, impacting assets like Shiba Inu. According to CoinMarketCap, the top 30 cryptocurrencies by market cap have all experienced drops in both the last day and the past week. Shiba Inu, specifically, is trading at $0.00001464, down 14.75% over the past seven days. Its meme coin counterpart, Dogecoin, has also fallen, with a 16.12% decrease.
Recent on-chain data from IntoTheBlock reveals that Shiba Inu holders are feeling the downturn more acutely. The In/Out of the Money metric shows that 51.98% of SHIB holders are currently at a loss, compared to 46.93% who remain in profit. This translates to approximately 700,400 addresses in loss versus 632,320 addresses in profit. Additionally, 14,600 addresses, or 1.08% of the total, are “at the money,” indicating no gain or loss.
In contrast, Dogecoin holders are faring better, with 74% of addresses still in profit despite recent price drops. This disparity highlights the differing effects of market fluctuations on various cryptocurrencies and their holders.
Particularly for Shiba Inu, the losses are more significant for those who bought around the current price range. IntoTheBlock notes that 60.62% of SHIB addresses purchased between $0.000012 and $0.000017 are now at a loss, while 37.41% are still profitable.
The broader crypto market has been stagnant since July, with Bitcoin trading between $60,000 and $70,000, without making a decisive move in either direction. This uncertainty has made it tough for investors, including SHIB holders.
Despite these hurdles, many in the Shiba Inu community remain optimistic about a future price increase. Lucie, the marketing lead for Shiba Inu, recently encouraged the community on social media to stay focused on the long-term growth of the Shiba Inu ecosystem and maintain confidence.
Additionally, the Shiba Inu ecosystem recently marked its fourth anniversary, reflecting on its journey from a meme token to its current status.
