Meme Coin Blues: Nearly 70% Of Shiba Inu Investors Underwater As Price Flops

Name	Symbol	Market	Market Cap ($)	Algorithm
Avalanche	AVAXUSD	Crypto	12,087,741,210	Not Mineable

Name

Symbol

Market

Market Cap ($)

Algorithm

Avalanche

AVAXUSD

Crypto

12,087,741,210

Not Mineable

	Price Change	Price Change %	Current Price	Bid Price	Offer
	-0.590	-1.82%	31.85	31.85	31.86

Price Change

Price Change %

Current Price

Bid Price

Offer

-0.590

-1.82%

31.85

31.86

High Price	Low Price	Open Price	Prev. Close	52 Week Range
33.32	31.59	32.38	32.44	8.62 - 65.38

High Price

Low Price

Open Price

Prev. Close

52 Week Range

33.32

31.59

32.38

32.44

8.62 - 65.38

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	17:14:27	1.78	31.85	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

17:14:27

1.78

31.85

USD

Price x Volume	Volume	Base Symbol	Related Pairs
15,626,239.70	481,588.75	AVAX	AVAXEUR	AVAXGBP	AVAXBTC

Price x Volume

Volume

Base Symbol

Related Pairs

15,626,239.70

481,588.75

Meme Coin Blues: Nearly 70% Of Shiba Inu Investors Underwater As Price Flops

05/02/2024 9:30am

NEWSBTC

Shiba Inu (SHIB), often touted as the “Dogecoin killer,” finds itself at a critical juncture as it grapples with a recent downturn, inviting scrutiny into its stability and future prospects. Related Reading: The $50K Quest: Bitcoin Oracle’s Pre-Halving Proclamation Sparks Excitement Shibarium Surge Sparks Investor Optimism, Concerns Linger Despite some investors maintaining an optimistic outlook, buoyed by recent developments such as the surge in Shibarium, others harbor reservations about the token’s performance and distribution dynamics. The red signals flashing for SHIB investors are hard to ignore. A recent analysis by IntoTheBlock reveals that a substantial 67% of investors currently find themselves in the red, indicating that their investments are underwater. Source: IntoTheBlock This underlines the token’s struggle to gain traction in the prevailing market conditions. Over the past month, SHIB has experienced a 5.86% decline in price, coupled with a lackluster 0.78% decrease in the last 24 hours, currently trading at $0.000009039. Adding to the concerns, trading volume has dwindled by 10.03%, signaling diminishing interest and prompting investors to exercise caution. This wariness is further underscored by the fact that only 28% of SHIB investors are currently in profit, with an additional 6% breaking even. SHIBUSD currently trading at $0.00000896 on the daily chart: TradingView.com Wealth Accumulation, Another Challenge The accumulation of wealth within the Shiba Inu ecosystem poses another challenge. Nearly 80% of the total holdings are concentrated in the hands of a small group of large investors. This lopsided distribution raises legitimate concerns about market manipulation and heightened volatility, thereby increasing the risk for average investors. However, amidst the prevailing uncertainties, there exists a silver lining in the form of Shibarium. The project’s Layer-2 blockchain solution has witnessed a remarkable surge in activity. Source: Shibariumscan Within just three days, the number of new accounts on Shibarium skyrocketed by an astonishing 254%, reaching an impressive 63,162. This surge in network usage often foreshadows significant price fluctuations, providing a glimmer of hope for the future prospects of SHIB. Related Reading: Avalanche To Unleash 9.5 Million Tokens, Traders Brace For Impact As the token stands at a crossroads, its future hinges on several pivotal factors. Market sentiment, particularly towards meme coins, could play a decisive role in influencing the token’s price. Additionally, the success of any new initiatives or partnerships that enhance SHIB’s utility and adoption has the potential to attract fresh investors and elevate its overall valuation. SHIB investors are urged to tread carefully. While the recent performance and wealth concentration raise legitimate concerns, the surge in Shibarium activity suggests a potential avenue for growth. Featured image from Adobe Stock, chart from TradingView

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