According to information obtained from IntoTheBlock, a significant majority of SHIB investors – about 80% or four out of five – are currently experiencing losses on their holdings. This data suggests that approximately 991,440 addresses holding Shiba Inu tokens are “out of the money” at present, representing a combined total of 497 trillion tokens, worth around $4.4 billion. These figures do not take into account the volume of SHIB that has been burned on inactive addresses.
Currently, the SHIB’s token has the sixth highest ratio of unprofitable addresses to profitable ones among all major cryptocurrencies. To put it simply, despite having a market capitalization of $5.19 billion, only a small portion worth $668.4 million of SHIB is actually generating profits for its holders.
It is worth noting that a significant number of these unprofitable addresses had purchased the Shiba Inu token when it was priced in the range of $0.000009 to $0.000014. According to data from IntoTheBlock, there are 348,170 such addresses, which collectively hold a substantial volume of 281.12 trillion SHIB.
This is noteworthy because the token was priced at these levels relatively recently, suggesting that the owners of these addresses may not be long-term holders of the token at this point in time.
Despite the considerable amount of Shiba Inu tokens that have been burned, the unidentified wallet still contains a massive 335.79 billion SHIB tokens, which are worth $2.96 million.
Shiba Inu Burns, According to Reports
According to a recent report the Shiba Inu Community has burned a remarkable 1.74 billion SHIB tokens in the past week, through 20 different transactions.
The latest data reveals a significant decline of 69.48% in Shiba Inu’s burn rate compared to the previous week. In the previous week, a total of 3.98 billion SHIB tokens were burned through nineteen separate transactions, which is a considerably higher number than the current week’s figure.
Even though there has been a lot of burning activity in the past week, the price of Shiba Inu is struggling to rebound, having declined by 6.6% in the last seven days. At the time of writing, Shiba Inu is trading at $0.00000884, showing a 0.30% increase over the last 24 hours. The 24-hour trading volume for Shiba Inu stands at $91.07 million.