Despite Price Fall, Over 70% Of Shiba Inu Holders Are In Profit - Analysis.
2021-11-16 | Big Bob
The value of Shiba Inu, a popular meme coin, has plummeted after soaring to new highs; but, despite this massive loss, over 70% of investors in the digital asset are profiting, according to statistics from Intotheblock.
SHIB Holders Have Made Enough Money
According to the Intotheblock data, 17% of the holders are losing money. This is most likely due to their late investment, since they may have been among those who bought the dip when the stock fell from its all-time high. Their investments, on the other hand, have the potential for greater rewards if the token continues to climb again.
Whales have 78% of the total quantity of tokens, according to the report. According to some observers, these whales play a big impact in the meme coin's price movement.
SHIB/USD 1 Day Price Chart: Source- Coinmarketcap.com
The rising popularity of SHIB resulted in a profit for a number of wallets that held the asset, as it pulled in a slew of new investors. It's also worth noting that the asset's recent rise in popularity has been aided by its Coinbase listing.
Similarly, the digital coin's strong profit potential resulted in a month-long increase in the number of holders (wallets).
A fascinating part of this is that the value of Shiba Inu increased by over 100% during the same time period.
MemeCoins Are Risky Investment Including Shiba Inu
Despite its many advantages, Shiba remains a highly volatile asset. To put this in perspective, the meme coin's value has declined by over 1% in the previous 24 hours, 9% in the last 7 days, and over 40% from its all-time high. Not only that, but the asset's market capitalization has dropped by nearly $7 billion.
This volatility was mostly caused by four large transactions by investors who may be profiting from their investment. Approximately ten trillion SHIB tokens (worth $586 million) were recently moved to several wallets.
This volatility may come to a halt, and the price may rise if the coin is approved for listing on Robinhood, which has received over 500 thousand signatures on a petition requesting the platform to do so.
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