More than 90% of SHIB Holders in Drawdown. You cannot deny Shiba Inu’s (SHIB) popularity as a meme cryptocurrency. However, recent data published by IntoTheBlock reveals a worrying situation for its holders. The data shows more than 90% of SHIB holders are experiencing investment losses. Investors attribute this drop in profitability to the decline in SHIB price and market movements related to regulatory action in the industry. Let’s analyze the current situation of Shiba Inu and the possible reasons behind this negative trend.
Recent data published by IntoTheBlock reveals a worrying situation for its holders of the Shiba Inu meme cryptocurrency Shiba Inu (SHIB). Data provided by IntoTheBlock reveals that a staggering 94% of SHIB holders are currently losing money on their investments. In contrast, only 7% of Shiba Inu investors are making a profit, while 2% are breaking even between profit and loss.
Why are SHIB investors losing money?
The drop in SHIB holders’ profitability is closely related to the cryptocurrency’s declining price. SHIB has experienced a 23% decline, reaching prices near $0.0000053. Market movements exacerbate this downtrend in response to regulatory action in the cryptocurrency industry.
Filing charges by the U.S. Securities and Exchange Commission (SEC) against significant cryptocurrency exchanges such as Binance and Coinbase has negatively affected the overall market. The regulatory uncertainty has raised concerns among investors and has led to a decline in the value of many cryptocurrencies, including Shiba Inu.
Expert Perspective and the Future of SHIB
Amid this situation, Shiba Inu content marketing specialist Lucie has called for positivity in the community. However, she has also acknowledged that the bear market is in its early stages and urged investors to be patient.
The future of SHIB and other meme cryptocurrencies will largely depend on how events unfold, including the outcome of the lawsuit between Binance and the SEC. Positive regulatory developments could boost investor confidence and reverse the negative trend in price.
Hey, you there!— 𝐋𝐔𝐂𝐈𝐄 (@LucieSHIB) June 14, 2023
If you're still in the #SHIBARMY, staying positive, and enjoying the ride with good vibes without experiencing mental breakdowns or negativity, I just want to say:
You are a legend!!!
God bless you and see you on another side.
In $SHIB $BONE $LEASH We trust… pic.twitter.com/J76pzewj59
What is the Shiba Inu cryptocurrency?
The Shiba Inu cryptocurrency is a decentralized digital currency created in August 2020. the famous Japanese dog breed, Shiba Inu, named the coin. The cryptocurrency aims to be an alternative to other popular cryptocurrencies like Bitcoin and Ethereum. An anonymous group or individual called “Ryoshi“ created Shiba Inu. The cryptocurrency team claims it was created as a “playful experiment” to see if they could make a community-driven cryptocurrency that could gain widespread adoption.
The Shiba Inu cryptocurrency sits on top of the Ethereum blockchain, which uses the same technology as other popular cryptocurrencies like Ethereum and Bitcoin. However, unlike Bitcoin, which has a limited supply of 21 million coins, Shiba Inu has a maximum supply of one quadrillion tokens. The Shiba Inu cryptocurrency has gained much attention in recent months, partly thanks to its mascot, a Shiba Inu dog. The rise of other meme-inspired cryptocurrencies like Dogecoin has also fueled the cryptocurrency’s popularity.
One of the singular features of Shiba Inu is its “burning” mechanism. Every time a Shiba Inu transaction occurs, a small percentage is “burned” or destroyed, helping reduce the cryptocurrency’s overall supply over time, which could increase its value. The Shiba Inu cryptocurrency is still a relatively new and experimental digital currency. While it has gained much attention and popularity in recent months, it is essential to recall that investing in crypto is risky and should be cautiously approached.
Is it a good idea to invest in memecoins?
While it is true that some investors have made significant profits from these coins, you need to be extremely careful when considering investing in this peculiar market. The Memecoin market is highly volatile and unpredictable. The value of these coins can fluctuate suddenly without previous warning because some internet pope said something, making it impossible to foresee which currencies will do well and which will sink.
Additionally, as with the general crypto market, the meme coin market is largely unregulated, so investors may not receive the same protections as the TradFi investment options. Investors should thoroughly research and understand the risks before deciding to impact their wallets, including analysis of specific coins of interest, trends across the market, and the historical performance of memecoins. Investors should also know the potential for scams and fraud in this market.
While investing in memecoins has high return potential, it also carries a significant risk of loss or bankruptcy. Investors must consider many factors carefully before making a single trade. Investors should consult their financial advisors or experts before investing in any crypto. The asset screening applies to memecoins and any kind of investment, from real estate to Apple stock.
You must base your investment decisions on your personal and unique financial goals and your aversion to risk. While some investors are willing to accept the high risk associated with memecoins, others may prefer to invest in more traditional investment options with lower risk profiles.
In summary, while the high return potential in the meme coin market may be attractive, investors should approach this market with caution and conduct scrutiny before making investment decisions.