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The Shiba Inu (SHIB) has experienced a significant price drop, leaving a significant number of investors stranded.
With SHIB’s recent downward trend in value, a staggering 1 million addresses are now in the red, facing losses in their investment.
In the context of cryptocurrency trading, the term βred zoneβ often refers to a situation where a digital currency experiences a significant decline or negative price movement. This is usually associated with bearish market conditions or a downtrend.
This turn of events has sparked concern and curiosity among both cryptocurrency enthusiasts and market watchers as they analyze the factors behind the price decline and its implications for the future of the Shiba Inu and its large investor base.
The break-even indicator highlights the impact of falling prices on shiba inu
In the midst of a volatile cryptocurrency market, the price of Shiba Inu (SHIB) on CoinGecko is currently at a meager $0.00000852. The latest data shows that SHIB experienced a modest 0.4% rally over the past 24 hours, but experienced a gradual 2.0% decline over the course of seven days.
Source: Koingeco
According to the IntoTheBlock break-even price indicator, the price action has had a significant impact on SHIB investors. Of the total number of analyzed SHIB addresses, about 1 million addresses, which is 79.74%, were at a loss.
Source: IntoTheBlock
On the other hand, 219,880 addresses (17.51%) have either realized gains or are currently in profit. In addition, 34,600 addresses (2.76%) are at the break-even point, meaning they are neither unprofitable nor profitable.
The break even price indicator is a metric that examines the realized gains and losses of SHIB holders based on data on the network. It provides a comprehensive overview of the collective gains and losses of Shiba Inu cryptocurrency holders.
This data sheds light on the overall financial health of SHIB investors, highlighting the prevailing concerns that a significant portion of the community is facing in the face of recent price fluctuations.
The market capitalization of SHIB is currently $4.8 billion. Chart: TradingView.com
Selling pressure as shibarium launch schedule faces uncertainty
Meanwhile, recent data from Etherscan shows significant development of the Shiba Inu ecosystem. In just a few hours, a significant amount of almost 280 billion SHIB tokens, worth about $2,360,220, was transferred to the Huobi wallet.
This significant influx of tokens suggests the potential intention to sell them, putting further downward pressure on the price of SHIB.
UNDERSTAND – if some testing goes wrong it may take longer – it’s being built – it’s not made from magic boxπ
β πππππ (@LucieSHIB) May 24, 2023
The Shiba Inu team also faces another challenge with the launch of their highly anticipated shibarium.
In a recent tweet by @LucieSHIB, the official content marketing expert representing the Shiba Inu team, provided an update on the expected launch of Shibarium, the project’s layer 2 network.
Based on information provided by the SHIB developer known as Shibarium1, @LucieSHIB expressed her hope that Shibarium could potentially be launched later this year, namely in the third quarter.
-Selected image from The Live Nagpur
