The composition of various on-chain and market indicators is showing that Shiba Inu remains in a poor state in terms of price performance and might not show us positive price performance for the foreseeable future. But investors should not panic yet.
IntoTheBlock's data consists of six indicators, most of them moving in the red zone in relation to Shiba Inu. The current state of the token is indeed depressing, and metrics like Net Network Growth and Large Transactions confirm the thesis.
In addition to the depressing growth pace and a decreasing number of large transactions on the network, SHIB is experiencing a plunge in profitability as, with the profit-taking of the majority of early Shiba Inu holders, the network's profitability dropped to the new low, with almost 60% of all SHIB holders not making any profits from holding the notorious meme token.
Is Shiba Inu dead?
The market performance of Shiba Inu has not been near the performance most crypto investors would like to see. In less than a month, Shiba Inu lost more than 20% of its value and had no chance to recover since then.
But despite the lack of positive movement and depressing performance in the long term, SHIB is not doing exceptionally badly, compared to the performance of more "serious" assets like Ethereum or Cardano.
The current state of Shiba Inu has been caused by generally depressed market conditions rather than the problematic nature of the Shiba Inu token itself. Unfortunately, the stabilization of Shiba Inu's holder composition did not help the token to gain more self-esteem on the market, and it will most likely remain unprofitable until a global recovery.