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Almost 70% of SHIB holders are in profit despite recent volatility

Almost 70% of SHIB holders are in profit despite recent volatility
Jordan
Major
10 months ago
3 mins read

Even with the market’s retracement in November, almost 70% of Shiba Inu (SHIB) token holders have maintained positive returns on their holdings.

Notably, SHIB has begun to recover ground following its listing on Kraken. The decentralized digital currency built on Ethereum is now listed among all the top 10 major cryptocurrency exchanges

At the moment, 69% of dog coin holders are profiting from the current price, with 10% breaking even and 21% losing money on their investments, according to the metrics provided by cryptocurrency intelligence platform IntoTheBlock.com.

SHIB token summary. Source: Intotheblock.com

In line with SHIB holders in profit, in our recently released report, we noted that more than four out of five serious frequent crypto traders are making money in the markets.

As long as meme currencies continue to attract new retail investors into the crypto sector with the promise of rapid riches, there is room for both large profits and losses in the coming months.

SHIB price

Currently, the general vibe around the coin is “Mostly Neutral” with any significant pumps seeming unlikely at this stage.

SHIB token general vibe. Source: Intotheblock.com

SHIB did surge to an intraday high of more than $0.00005127 on Tuesday morning, representing a 31.6% rise in 24 hours as a result of the Kraken listing. Although meme coins had a significant increase yesterday, it are now trading at $0.00004534, down 11.89% on the day but up 15.82% over the previous seven days, according to CoinMarketCap.

SHIB 1 day price chart. Source: CoinMarketCap.com

In contrast to yesterday, when Dogecoin’s rival outperformed the larger crypto market, becoming the top daily gainer among the top 100 cryptocurrencies by market capitalization. A role reversal has occurred today, with the digital asset ranking first among the daily decliners, while the Metaverse token The Sandbox ranks second with a 6 percent decline in just 24 hours.

SHIB number 1 decliner top 100 crypto assets. Source: CoinMarketCap.com

After such a parabolic rise to all-time highs, the number of people who own SHIB has continued to grow at an exponential rate, and with the token recently teaming up with game creator and former Vice President of Technology at Activision William David Volk to consult on its play-to-earn non-fungible token (NFT) game, that number may continue.

As part of its effort to distance itself from the meme token label, the digital asset is seeking to develop a healthy crypto-ecosystem that includes legitimate applications and initiatives.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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Jordan Major
Author

Jordan is an investor and market analyst. He's passionate about stocks, ETFs, blockchain, and digital assets. At Finbold.com, he delves into the technicalities to obtain future trends for new market traders and gives insights into user-friendly platforms for beginners.

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