Shiba Inu (SHIB) Faces Challenging Times as Majority of Holders Are Currently in Losses

With the majority of Shiba Inu (SHIB) holders currently in losses, the popular meme coin is facing challenging times.

Majority of Shiba Inu (SHIB) holders are in loss as the latest data from IntoTheBlock shows that 59% of token holders are ‘out of the money.’

This means they are holding the tokens at a price higher than its current market value. The data also shows that only 4% of them are at break-even, while 37% are in profit.

This indicates a tough period for Shiba Inu (SHIB) as the token recorded massive gains in 2021.

Shiba Inu price faced dropped further as the token is now trading at $0.000013, down 0.71% in the last 24 hours, according to CoinMarketCap. Its trading volume is down by 2.61% to $133.6 million in the last 24 hours.

Earlier today, U.Today reported that the total transaction volume for this token fell from 1.8 trillion to 7.37 trillion SHIB tokens. This metric, which shows how much of the token is being bought and sold within the last day, suggests that fewer people are trading SHIB compared to recent days.

suggesting that some holders may be losing confidence or interest in the token in the short term. However, the long-term holding trend suggests belief in the token's future, with 78% of SHIB holders holding their tokens for more than a year.

Moreover, new interest in Shiba Inu seems to have cooled over the past month, as only 2% of SHIB holders are new investors into the token within this period.

Meanwhile, SHIB has a strong correlation with Bitcoin (BTC), with a score 0.84 out of 1.0. This shows that it moves exactly in the same direction with BTC whether up or down.

The IntoTheBlock data also showed that SHIB’s large transaction volume reached $184.96 million over the past seven days, suggesting that the token is still experiencing either institutional or high-net worth activity.

This proves that institutional interest in the token is still strong, even though retail interest is cooling off. Any upward trend in SHIB’s price will depend on whether it decouples from the broader market downturn or the Shiba Inu ecosystem gains more adoption.