Shiba Inu Millionaire Numbers Decline Rapidly As SHIB Price Suffers

Shiba Inu has been one of the worst-hit in the crypto bear with the coin losing over 90% of its all-time high value already. As a result of this, the number of SHIB millionaires has been declining rapidly and has now reached one of its lowest points.

Only 1,207 Shiba Inu Millionaires Left

As the price of Shiba Inu declined rapidly due to the bearish market headwinds, various holders rapidly lost their millionaire status. This has seen the number declined to only 1,207 SHIB addresses that can boast of the millionaire status at current prices.

These addresses which are holding at least $1 million worth of tokens are becoming fewer by the day. One cause of this decline is the fact that the meme coin lost support at $0.000008 and declined further. However, there is also the issue of large investors selling their holdings as they rush to get out of the cryptocurrency which seems to have no end to its decline.

SHIB price falls to $0.00000799 | Source: SHIBUSD on TradingView.com

These coins being distributed back into the market are apparently being scooped up by smaller investors, leading to a more even distribution among holders. Currently, the total number of wallets holding at least $1 million worth of tokens only makes up 0.1% of its total holder base.

SHIB Investors Still Nursing Losses

Just as the large investors are being hit hard, others have been left out of the onslaught. Shiba Inu holders are worse off than any other holder base in the top 20 cryptocurrencies by market cap with only 11% of all holders being in profit right now. The rest of its over 1.3 million holders, amounting to 86% are all in losses at present prices, with only 3% sitting in the neutral territory.

Majority of SHIB holders nursing losses | Source: IntoTheBlock

For comparison, Dogecoin (DOGE) which is Shiba Inu’s fiercest competitor is still seeing around 50% of its holder base sitting in profit. Bitcoin (BTC) profitability is at 62% of total holders, while Ethereum holders in profit are 65% of total investors, data from IntoTheBlock shows.

If the current market headwinds do not reverse soon and prices continue to fall, then SHIB’s profitability levels for holders could drop further. This would also mean that the number of SHIB millionaires would decline even further.

At the time of writing, SHIB is trading at a price of $0.0000079, seeing meager gains of 0.33% in the last 24 hours, and larger losses of 6.25% on the 7-day chart. Its market cap is now sitting at approximately $4.7 billion, making it the 17th largest cryptocurrency by market cap.