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Shiba Inu HODLers Suffering in This Crucial Aspect

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Sat, 1/07/2023 - 13:08
Shiba Inu HODLers Suffering in This Crucial Aspect
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Shiba Inu (SHIB) has been on many investors' radar for the past few weeks owing to some of its key performance milestones. While the meme coin remains a delight of investors, it showcases one crucial strain as the total number of addresses in loss has surpassed 85%.

Expanding SHIB wallet profitability

According to data from crypto analytics provider IntoTheBlock (ITB), a total of 1.06 million addresses are "out of the money," a tag that means they are in losses. Of the addresses hosted on the network, just about 134.05K are in profit, representing just about 10.86%.

SHIB WALLET PERFORMANCE
SHIB address performance. Source: IntoTheBlock

Shiba Inu has seen limited growth in price over the past few weeks despite a number of altcoins printing new highs. At the time of writing, SHIB is changing hands at a price of $0.000007611, down with a negligible loss in the past 24 hours. The meme coin's weekly growth tick is also in the negative, and it is down by 4.93%.

Shiba Inu's investors appear to be laser focused on the potential of the meme coin's Shibarium protocol in the long term. The enthusiasm being nursed over the protocol is hinged on the anticipation bordering on the nature of smart contracts and decentralized applications that will be making their way onto Shibarium.

While still at the testnet — PuppyNet — phase, Shibarium has been hitting crucial milestones in its transaction count and in total addresses on the protocol. All of these are not just reflecting in price to the benefit of early investors.

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Place of tightening competition

While the interest in Shiba Inu has now been directed toward Shibarium, it should also be noted that it is facing stiff competition from its two biggest rivals Dogecoin (DOGE) and PEPE Coin (PEPE). This competition has made investors more enthusiastic about these rivals when compared to SHIB.

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