|

Shiba Inu price rises but one million SHIB addresses are still underwater

  • Despite Shiba Inu price rising by over 10% in the last week, investors remained at a loss.
  • Over 1.02 million addresses, representing 86% of all SHIB holders, are currently underwater.
  • Shiba Inu is also out of the opportunity zone, making accumulation less likely.

Shiba Inu price had a relatively good week, with the meme coin joining the category of a few altcoins in the market. The result was expected to bring profits for SHIB holders, but a week later still, the situation remains unchanged.

Shiba Inu price rebounds as investors regain hope

Shiba Inu price trading at $0.00000727 has risen by close to 11% in the span of a week. The rest of the cryptocurrencies in the market are still recovering from the crash, but SHIB is already climbing back toward the December 2022 lows of $0.00000791.

SHIB/USD 1-day chart

SHIB/USD 1-day chart

SHIB holders stand to be some of the biggest losers in the crypto market. At the time of writing, more than 86% of all addresses with some balance of SHIB appear to be underwater. This represents the largest percentage of Shiba Inu investors experiencing losses, surpassing the previous 80% mark.

This increase in percentage is also reflected in the figure, as over one million addresses stand in this category right now. And by the looks of the market, it does not appear to be in a condition to support recovery for them. 

Shiba Inu investors at a loss

Shiba Inu investors at a loss

The Market Value to Realized Value (MVRV) ratio has noted some incline but still remains below the neutral line. This suggests that the coin is still observing losses across the network, but at the same time, the indicator has risen to the point where it is outside the scope of the “opportunity zone”.

This zone is marked below 10% in the case of Shiba Inu and is synonymous with a bounce back historically. At this point, the investors are also likely to accumulate more heavily, supporting the price rise. 

Shiba Inu MVRV ratio

Shiba Inu MVRV ratio

However, this won’t be the case for SHIB investors for a while. The most these meme coin investors can do is hold on until the altcoin reaches $0.00001000, as a demand wall of 268 trillion SHIB would be breached, bringing profits to many investors.

Author

Aaryamann Shrivastava

Aaryamann Shrivastava is a Cryptocurrency journalist and market analyst with over 1,000 articles under his name. Graduated with an Honours in Journalism, he has been part of the crypto industry for more than a year now.

More from Aaryamann Shrivastava
Share:

Markets move fast. We move first.

Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.

By subscribing you agree to our Terms and conditions.

Editor's Picks

Avalanche struggles near $12 as Grayscale files updated form for ETF

Avalanche trades close to $12 by press time on Wednesday, extending the nearly 2% drop from the previous day. Grayscale filed an updated form to convert its Avalanche-focused Trust into an ETF with the US Securities and Exchange Commission.

Bitcoin slips below $87,000 as ETF outflows intensify, whale participation declines

Bitcoin price continues to trade around $86,770 on Wednesday, after failing to break above the $90,000 resistance. US-listed spot ETFs record an outflow of $188.64 million on Tuesday, marking the fourth consecutive day of withdrawals.

Michael Selig assumes role as new CFTC Chair, what does this mean for crypto?

Michael Selig has been sworn in to serve as the 16th Chairman of the Commodity Futures Trading Commission. Selig was confirmed by the US Senate to head the commission last week, following his October nomination by the US President Donald Trump.

Crypto.com hires sports trader for event prediction market-making

Crypto.com plans to recruit a quant trader for the sports market-making team to buy and sell financial contracts related to these events. Opponents argue that internal trading desks put operators or their affiliates on the opposite side of customer trades. 

Orange Juice Newsletter – Smart insights by real people. Every day.

A free newsletter highlighting key market trends to help traders stay a step ahead. Daily insights on the most relevant trading topics, compiled by our experts in an easy-to-read format so you never miss an important move.

Bitcoin: Fed delivers, yet fails to impress BTC traders

Bitcoin (BTC) continues de trade within the recent consolidation phase, hovering around $92,000 at the time of writing on Friday, as investors digest the Federal Reserve’s (Fed) cautious December rate cut and its implications for risk assets.