Shiba Inu Is Trending: For Good Reasons?

Published 25-08-2023, 01:19 pm
Shiba Inu Is Trending: For Good Reasons?

  • SHIB dipped over 3% in the last 24H 
  • 74% of SHIB holders are currently facing losses: IntoTheBlock.

The eccentric memecoin, Shiba Inu, has taken the number one trending spot within the crypto community, as indicated by CoinMarketCap. It has been a prominent topic since its mainnet blockchain – Shibarium’s launch. However, Shibarium failed to meet the high expectations of the dog community. The launch was abruptly halted for repairs, resulting in absence of anticipated bull rally.

Adding to the concerns, recent data from the prominent crypto analytics platform IntoTheBlock highlights a troubling trend that 74% of SHIB holder addresses find themselves trapped in a sea of losses.

With a substantial 951,320 addresses currently facing losses. The decline in SHIB’s value has led to a massive accumulation of 859.44 trillion Shiba Inu tokens stranded in these unprofitable addresses.

Around 268,720 addresses initially invested in SHIB at prices ranging from $0.000009 to $0.000014, a sharp contrast to the current trading value of $0.0000083 per token. This disparity underscores the extent of the financial setback.

Meanwhile, in the past 24 hours, a total of 85,194,367 SHIB tokens have been burned in 8 transactions. Simultaneously, In a recent blog post, the Shibarium team assured users that their funds are secure. And promised an enhanced experience upon the platform’s public launch. Early beneficiaries of the update are already celebrating as bridged BONE tokens make their debut. Notably, the Shibarium utility token, BONE, has surged by an impressive 11.93% in just 24 hours.

However, persisting with the bearish momentum, SHIB’s value has declined by 3.08% within the past 24 hours, currently standing at $0.0000080. And the trading volume is down 24% in the same timeline.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2025 - Fusion Media Limited. All Rights Reserved.