Data Shows 78% Of Shiba Inu Holders Are Making Money

A vast majority of Shiba Inu SHIB/USD holders are still in profit according to data from The Block.

What Happened: According to The Block’s analysis of Shiba Inu token holders' balances, 78% of wallet addresses are making money at the token’s price of $0.000048.

The price of SHIB declined by over 20% in the past three days, after a major selloff was triggered by whales moving trillions of tokens across the blockchain.

Still, on-chain data would suggest that only 17% of holders are not making a profit on their initial Shiba Inu investment.

Of those holding the meme-based cryptocurrency, 39% have been Shiba Inu investors for less than a month.

The fact that some of these short-term investors are still in profit is hardly surprising given the cryptocurrency’s recent price action. In October alone, Shiba Inu rallied over 800% and momentarily surpassed its rival Dogecoin DOGE/USD in market cap.

However, the coin’s earliest investors are likely its largest holders who have a major influence on price. Data reported earlier shows that eight whales control 70.52% of Shiba Inu’s circulating supply. One of those entities reportedly owns 41.03% of coins in circulation.

Price Action: At press time, SHIB was trading at $0.00005595, up 23.45% in the last 24 hours. The coin had a daily trading volume of $11 billion, making it the fourth most traded crypto asset after Tether USDT/USD, Bitcoin BTC/USD and Ethereum ETH/USD.

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