- 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 Weekly Forecast: BTC nosedives below $95,000 as spot ETFs record highest daily outflow since launch
Bitcoin price continues to edge down, trading below $95,000 on Friday after declining more than 9% this week. Bitcoin US spot ETFs recorded the highest single-day outflow on Thursday since their launch in January.
Bitcoin crashes to $96,000, altcoins bleed: Top trades for sidelined buyers
Bitcoin (BTC) slipped under the $100,000 milestone and touched the $96,000 level briefly on Friday, a sharp decline that has also hit hard prices of other altcoins and particularly meme coins.
Solana Price Forecast: SOL’s technical outlook and on-chain metrics hint at a double-digit correction
Solana (SOL) price trades in red below $194 on Friday after declining more than 13% this week. The recent downturn has led to $38 million in total liquidations, with over $33 million coming from long positions.
SEC approves Hashdex and Franklin Templeton's combined Bitcoin and Ethereum crypto index ETFs
The SEC approved Hashdex's proposal for a crypto index ETF. The ETF currently features Bitcoin and Ethereum, with possible additions in the future. The agency also approved Franklin Templeton's amendment to its Cboe BZX for a crypto index ETF.
Bitcoin: 2025 outlook brightens on expectations of US pro-crypto policy
Bitcoin (BTC) price has surged more than 140% in 2024, reaching the $100K milestone in early December. The rally was driven by the launch of Bitcoin Spot Exchange Traded Funds (ETFs) in January and the reduced supply following the fourth halving event in April.
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.