Approximately 90% Expected To Suffer Losses

Shiba Inu (SHIB) holders are not exempt from the turbulence of the market in recent weeks. Analyzing the current state of affairs for holders of the meme coin, it becomes apparent that the profitability of investing in this particular asset type has been a rollercoaster journey. 

Data derived from IntoTheBlock, an analytics firm, reveals a striking fact: a mere 9% of the current SHIB holders find themselves in a profitable position at the current value of roughly $0.0000069 per coin. This figure is indicative of the challenges that many SHIB investors are currently grappling with.

Moreover, an additional 1% find themselves at a break-even point, while a staggering 91% face the harsh reality of being at an overall loss.

Source: IntoTheBlock

Shiba Inu’s Price Plunge: A Tale Of Highs And Lows

One of the key contributing factors to this landscape of varying profitability is the undeniable influence of Shiba Inu’s price volatility and the composition of its holder base.

Over the past few months, SHIB’s market value has been subject to dramatic oscillations, largely propelled by substantial trading volumes. This volatility has undoubtedly played a pivotal role in shaping the current financial positions of SHIB holders. 

It is also worth noting that an overwhelming 78% of the circulating supply of SHIB is concentrated within the wallets of the so-called ‘whale’ holders, emphasizing the significant influence of a few major players within the SHIB ecosystem.

The plunge of Shiba Inu’s price, a staggering 92% drop from its all-time high of $0.00008616 in October 2021, has left many investors who bought at or near peak prices in a precarious position, facing significant losses. However, on the flip side, those who entered the market at relatively lower prices are potentially reveling in the positive returns yielded by their investments. 

SHIB market cap slightly above $4 billion. Chart: TradingView.com

At the time of writing, SHIB’s price stands at $0.00000700, as per CoinGecko, showing a 1.2% gain over the past 24 hours, though still nursing a 1.0% loss over the past seven days. 

Can Shiba Inu Overcome Resistance?

Despite the apparent challenges faced by SHIB holders, a glimmer of hope emerges from the analysis of the price trends. It is evident that every significant dip in SHIB’s value is consistently followed by a period of recovery, creating what appears to be a repetitive “zig-zag” pattern. 

SHIB...