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Shiba Inu (SHIB) on the Brink of Losing a Staggering $100 Trillion Mark
The once-mighty Shiba Inu, a cryptocurrency that has garnered significant attention in recent times, is now facing an existential crisis. According to recent on-chain metrics, only 104.41% of SHIB holders are currently in profit. This staggering figure highlights the stark reality that an overwhelming 830 trillion SHIB ($10.5 billion) is currently held in loss. This development has significant implications for the asset’s future trajectory.
The price chart reflects this sentiment as Shiba Inu struggles to maintain its ground, trading merely above a critical support level of $0.000012. The on-chain outlook indicates that if the price breaks below this mark, the proportion of profitable addresses is likely to fall beneath 10%, potentially pushing Shiba Inu below the figurative 100 trillion “in the money” threshold.
From a behavioral standpoint, this turn of events poses a grave warning sign for SHIB investors. The asset’s user base, primarily comprising retail participants, has consistently reacted strongly to changes in profitability. As fewer holders receive returns, the likelihood of capitulation increases, leading to a surge in sell pressure that would accelerate SHIB’s decline toward the $0.00001 zone.
Moreover, the volume trend remains unimpressive, further exacerbating the bearish sentiment.
Source: u.today
