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Shiba Inu Profitability Drops to 35% But Whales Are Undeterred: Details

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Tue, 15/03/2022 - 15:57
Shiba Inu Profitability Drops to 35% But Whales Are Undeterred: Details
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As per IntoTheBlock data, the profitability of the second-largest meme cryptocurrency, Shiba Inu (SHIB), has fallen to 35%. This comes as SHIB prices have steadily declined in recent months. At a present price of $0.00002155, SHIB remains down nearly 75% from all-time highs of $0.000088 attained in October 2021.

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IntoTheBlock
Shiba Inu On-Chain Signals, Courtesy: IntoTheBlock

According to IntoTheBlock, IOMAP data regarding the composition of holders making money at the current price, 35% of Shiba Inu holders are profiting after a 75% decline from the all-time highs. A total of 61% of holders are out of the money while 3% are at the money.

The IOMAP, as indicated 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.

Whales seem undeterred

According to WhaleStats' analysis of the top 100 ETH whales, Shiba Inu is presently the second largest investment of these top holders after the second most popular coin, Ethereum.

Simply defined, a whale is someone who owns a lot of cryptocurrencies or is otherwise a large holder. The overall amount of SHIB owned by these investors at press time is worth a whopping $1,300,506,462, which is 14.21% of their cumulative portfolio. Their SHIB balance is currently 57,542,125,086,319 tokens.

Topping WhaleStats' list of Ethereum whales is a wallet called "Light." The owner of this crypto address holds, at the moment, a total of $4,317,094,010 worth of ERC-20 tokens. This large holder holds 35 trillion Shiba Inu tokens, or $773,054,910 worth.

As previously reported by U.Today, a large Ethereum whale purchased 49.65 billion Shiba Inu. Additional data from Etherscan shows that this ETH token investor bought a similar amount of SHIB more than two weeks ago. This investor now holds 4.4 trillion SHIB, as reported.

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