Ninety-one percent of Shiba Inu (SHIB) holders are currently losing money on their positions, data from IntoTheBlock suggests.
The IOMAP provided by IntoTheBlock classifies addresses that are profiting (in the money), breaking even (at the money) or losing money (out of the money) on their positions. This blockchain data provides key areas where holders' positions are concentrated, creating buying and selling activity.
Based on this blockchain data, at the current Shiba Inu price, just 7% of Shiba Inu holders are in the money or making profits on their positions. A total of 91% of holders are out of the money or sustaining losses on their positions. Meanwhile, 2% are breaking even or are "at the money."
The drop in the number of traders in profit follows the steep price drop seen for Shiba Inu and a handful of altcoins over the last weekend.
Shiba Inu dipped as much as 23%, touching multi-month lows of $0.0000543, as the entire crypto market reacted to the filing of lawsuits against the two biggest exchanges, Binance and Coinbase.
Though SHIB has mildly rebounded, it remains significantly down from this month's opening price of $0.0000858.
At the time of writing, Shib was up 1.95% in the last 24 hours at $0.0000068. The dog-themed crypto asset is currently down 92.23% from its all-time high of $0.000088.
The past year saw a handful of tokens lose a significant chunk of their value as a result of the bear market, and SHIB was no exception. This likewise contributed to the low percentage of SHIB holders who are "in the money."
In related news, Shiba Inu-themed burger joint Welly has revealed its expansion plans with the upcoming launch of two new stores. Shiba Inu's lead, Shytoshi Kusama, expressed delight with the ongoing plans in a tweet.
Vladislav Sopov
Alex Dovbnya