- 56% of Shiba Inu holders are currently suffering from losses at the current price.
- Shiba Inu price has dropped over 70% from its all-time high, and a minority of holders are profitable.
- The memecoin has recovered from the drop and started recovery, posting 3% gains overnight.
- Analysts predict Shiba Inu price has bullish potential and could break into a massive rally.
Shiba Inu price plunged in the recent altcoin bloodbath, alongside a drop in Bitcoin price. Shiba Inu price has recovered from the drop and started an uptrend.
Shiba Inu price prepares for a massive rally
Based on data from crypto intelligence platform IntoTheBlock, a minority of Shiba Inu holders, 40%, are profitable at the current price. Despite its recovery, Shiba Inu token holders suffer from the memecoin's losses.
Shiba Inu price is currently 70% away from an all-time high. IntoTheBlock identifies wallets of traders with Shiba Inu balance and the average price of the tokens. Comparing the purchase price to the current price of the token offers insights into the profitability of Shiba Inu holders.
A Shiba Inu token holder is considered underwater if the average purchase price of SHIB is greater than the current price. 70% of the token holders are underwater, according to IntoTheBlock.
WhaleStats, a platform that monitors the activity of large wallet investors, has observed the 1,000 non-exchange Ethereum whales. These whales account for nearly $1.5 billion worth of Shiba Inu. The memecoin is their second-largest altcoin holding.
Analysts have evaluated the Shiba Inu price trend and believe that the memecoin is in the buy zone. @AltcoinSherpa, a pseudonymous crypto analyst, waits for Bitcoin to recover before retail investors start accumulating the memecoin.
$SHIB: This is just painful to see...it'll eventually be a good buy but I am more waiting for btc to recover/market to start doing well. Once I start to think more retail is coming in, I'll start to accumulate this one. #SHIB pic.twitter.com/1uyKE8hVHg
— Altcoin Sherpa (@AltcoinSherpa) January 11, 2022
FXStreet analysts believe that Shiba Inu is in a highly oversold territory. Analysts have predicted that there may be a relief rally to $0.000078.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Bitcoin Price Forecast: Analysts anticipate increased volatility as the US presidential election looms
Bitcoin price teased its all-time high of $73,777 last week but declined to trade below $69,000 on Monday. Analysts suggest that market volatility is expected to rise as the US presidential election approaches.
Litecoin poised for double-digit decline after breaking ascending trendline
Litecoin breaks and closes below an ascending trendline, signaling a change in market structure. On-chain metrics paint a bearish picture, as LTC’s dormant wallets are active, and the NPL indicator shows a negative spike.
Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC, ETH and XRP decline ahead of US elections
Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) all faced resistance at crucial levels ahead of the US Elections, leading to a price decline. As of Monday, they neared key support levels, and a firm close below these marks could signal further declines.
21Shares files S-1 for XRP ETF amid ongoing tension between Ripple and SEC
21Shares filed an S-1 registration with the Securities and Exchange Commission (SEC) on Friday for an XRP exchange-traded fund (ETF). While the chance of approval is slim with the current SEC administration, the landscape could change after the upcoming elections.
Bitcoin: New all-time high at $78,900 looks feasible
Bitcoin price declines over 2% this week, but the bounce from a key technical level on the weekly chart signals chances of hitting a new all-time high in the short term. US spot Bitcoin ETFs posted $596 million in inflows until Thursday despite the increased profit-taking activity.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.