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Shiba Inu (SHIB), the second-largest meme coin by market value, has made significant strides in building its own ecosystem, a feat that no other meme coin has achieved. This accomplishment has had a positive impact on the long-term outlook for Shiba Coin. However, in the short term, things are not going smoothly.
Shiba Coin Investors
According to recent data, 88% of Shiba Coin investors are either unable to make a profit or are currently at a loss. Of this group, 77% are in the red. For 11% of investors, the current price is seen as an opportunity to sell and break even. If the market continues to be unfavorable, this group may be willing to give up their holdings in order to buy at a lower price.
In addition, there has been a decrease of approximately 9.5% to 9.7% in the number of new, active addresses without SHIB balances in the past seven days. The overall expansion of Shiba Inu addresses within the SHIB network indicates a stagnation, as the average number of addresses holding SHIB tokens has remained around 1.24 million for several months.
There has also been a notable decline in the number of participants in Shiba Coin’s Telegram channel, confirming a negative sentiment among investors.
Shiba Coin Analysis
The distribution of Shiba Coin’s supply reveals interesting details. Approximately 41.77% of the total supply is held in inactive addresses and has therefore been withdrawn from circulation. This significantly affects the landscape of the investor group. Around 48 major investors hold 25% of the supply. Meanwhile, ten whales control almost one-third of the supply, while individual investors dominate nearly 40% of the total distribution.
Here, “whales” refer to addresses holding more than 1% of the total token supply. Large investors account for a range of 0.1% to 1%, while individual investors hold less than 0.1%.
The price of Shiba Coin has remained within a tight range since the week of June 5th. The price is currently testing the $0.0000065 support level, with a potential to drop further. Investors should exercise caution in case of a close below $0.00000768.
