Shiba Inu Leaves Majority of Holders at a Loss Amid Lates FUD Row
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Shiba Inu holders are feeling the heat as the popular meme-inspired cryptocurrency takes a bearish turn in the market. According to The Data Nerd, a blockchain-based crypto Twitter handle, up to 66.85% of SHIB investors are currently registering losses in their holdings, leaving them feeling like they’re in the doghouse.
Due to FUDs regarding the new $SHIB L2 network, up to 71% are either lost or break even as shown by @intotheblock.
This will create a large selling pressure should the price rises above $0.000011.
Telegram activity has also been falling since 2022. pic.twitter.com/yq3U6HzMSm
— The Data Nerd (@OnchainDataNerd) March 27, 2023
The recent Fear, Uncertainty, and Doubt (FUD) campaign targeting Shibarium, Shiba Inu’s native decentralized exchange, is being blamed for this unfortunate turn of events. Shibarium has been the subject of some less-than-flattering press, leading to selling pressure on the already struggling SHIB token.
Data from IntoTheBlock shows that while some SHIB investors are sitting pretty with their tokens bought at bargain prices, most buyers got in at a price range between $0.000011 and $0.000014. As a result, they are currently witnessing losses on their investments.
It’s Not All Sad News for Shiba Inu Holders
However, all hope is not lost for SHIB investors. The data also reveals that up to 371.9K addresses, accounting for 29.06% of Shiba Inu holders, amassed their SHIB tokens below its current price of $0.00001098. Plus, 52.26K addresses, representing 4.08% of total SHIB holdings, procured their tokens between $0.000010 and $0.000011, currently leaving them at a breakeven point.
Despite the latest FUD campaign, some analysts believe that the concentration of SHIB buyers below its current price could potentially set the stage for a market rebound in the future. However, this is no time for investors to be barking up the wrong tree.
As the Shiba Inu market continues to face volatility, investors need to exercise caution when trading or investing in the coin. After all, when it comes to cryptocurrencies, it’s not just a walk in the park.
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