The price movement of the Shiba Inu has been characterized by ups and downs seven days ago. In particular, the meme coin rallied from $0.00001660 to $0.00001996 in three days before dropping sharply to $0.00001770 three days ago. This variable Shiba Inu price action resulted in volatile profits for many SHIB addresses, with some owners briefly seeing gains before the decline pushed a significant number back into loss territory.
According to data from on-chain analytics platform IntoTheBlock (ITB), the sharp drop in Shiba Inu prices has seen almost 44% of owners now at a loss.
Fluctuating Shiba Inu Profit Figures
On-chain data from analytics platform IntoTheBlock (ITB) reveals that the recent downturn has had a significant impact on the profitability of addresses holding Shiba Inu.
Shiba Inu price started the week on a good note. In particular, the price of Shiba Inu rallied around the broader crypto market from a low of $0.00001660 on October 26 to a high of $0.00001996 on October 29. This 20% increase in three days surprised many investors and ignited the prospect of continued gain.
In addition, this increase has caused more than 30,000 Shiba Inu addresses to fall into profit, according to “In/Out of Money” metric by IntoTheBlock. This metric tracks the total number and percentage of addresses in profit, loss, and revenue based on the value of the crypto asset.
However, this hope was short-lived, as the price quickly reversed and dropped from $0.00001996 on October 29 to $0.00001770 on November 1, actually starting the month on a negative note. This 11% drop put about 25,000 shareholders in the red, according to the ITB “In/Out of the Money” metric.
Current interest of Shiba Inu
At the time of writing, the price of the Shiba Inu has he managed to jump up cost 0.00001770 US dollar. At the time of writing, Shiba Inu is trading at $0.00001781 and is up 3.2% in the last 24 hours.
According to IntoTheBlock’s data of all addresses currently holding SHIB, approximately 713,960 addresses are currently profitable. This represents approximately 52.5% of the total SHIB addresses. On the other hand, 606,700 addresses were lost, representing 44.62% of the total SHIB addresses. Interestingly, 39,000 addresses, representing 2.87% of the total SHIB addresses, are “cash.” Which means they are not in loss or profit.
The profit around the current price also shows many owners in profit. According to IntoTheBlock, 83,470 addresses bought between $0.000015 and $0.000020 are currently making a profit.
This represents approximately 60% of the addresses purchased in this range. On the other hand, 54,700 addresses in this group lost, representing 39.32%. Finally, 931 addresses (0.67%) bought SHIB between $0.000015 and $0.000020 in cash.
The featured image was created with Dall.E, a chart from Tradingview.com
Source link