Up to 71% of Shiba Inu’s (SHIB) holders are now at a loss or breakeven point due to recent market movement.
66.85% of these investors are experiencing losses on their investments.
This unexpectedly negative development has been attributed to the most recent FUD effort against Shibarium.
Analysts predict that there could be intense selling pressure when the asset regains $0.000011.
A blockchain-based cryptocurrency Twitter account called The Data Nerd brought attention to today’s negative development.
Speculations About SHIB Price
Nonetheless, as many as 371.9K addresses, or 29.06% of the Shiba Inu holders, accumulated their SHIB tokens below their current value of $0.00001098.
Furthermore, information indicates that 52.26K addresses, or 4.08% of the total SHIB holdings, bought their tokens between $0.000010 and $0.000011, putting them at a breakeven point.
However, most investors currently experiencing losses on their bags likely purchased the asset in that price range, according to data that shows a high concentration of SHIB buyers in the $0.000011 to $0.000014 pricing range.
Analysts say Shiba Inu’s eventual ascent to the $0.000011 price level could result in a selling pressure on investors who would try to sell off their assets at breakeven due to the concentration of most purchasers within the price range of $0.000011 to $0.000014.
Investor concern is also increased because Telegram activity on Shiba Inu has steadily declined since 2022.
According to certain beliefs, this pattern can increase the selling pressure.
Yet, they are just wild conjectures and should not be taken as investment advice.
While opinions towards SHIB have become less favorable recently, they have also become far less damaging.
Shibarium’s creators have also addressed the FUD that was a factor in the asset’s recent underperformance.
Shiba Inu Price Action
Today’s live Shiba Inu price is $0.000010, with a 24-hour trading volume of $250,207,352. This shows a 2.54% gain in the last day.
Since falling below the $0.000011 price range on March 21, SHIB has had difficulty regaining it.
Positive opinions about SHIB have lately increased due to the publication of the Shibarium documentation and the switch to the Puppynet Chain ID 719.
Read Also:
