SHIB investors are now seeing more losses than gains.
Summary:
The cryptocurrency market has seen a significant decline in the past 24 hours, impacting many major digital assets. Shiba Inu (SHIB), a popular meme coin, has dropped about 3% in value, now priced at roughly $0.00001531 with a market cap near $9 billion.
This downturn has affected SHIB investors, with 48.1% of holders currently experiencing losses, slightly higher than the 47.7% who are still seeing some gains. This is a stark contrast to March of this year when nearly 65% of SHIB investors were profitable during a bull run.
Key metrics for Shiba Inu have also declined, with its 24-hour trading volume falling below $250 million and daily active addresses dropping to around 3,100.
On a brighter note, the Shibarium layer-2 blockchain solution is showing signs of recovery, suggesting a possible SHIB price rebound soon. New accounts and daily transactions on Shibarium have been increasing.
Shibarium, launched last summer, aims to enhance the Shiba Inu ecosystem by reducing transaction costs, improving scalability, and increasing speed.
Shiba Inu is not alone in this downturn; the meme coin sector's market cap has dropped 5.5% daily to about $47 billion. Other poor performers include dogwifhat (WIF), Brett (BRETT), Mog Coin (MOG), and Pepe (PEPE), while Popcat (POPCAT) and Turbo (TURBO) have seen some gains.
This decline serves as a reminder for traders to conduct thorough research and only invest what they can afford to lose.
