Shiba Inu Profitability Plunges Alongside Slumping Price

The profitability of holding Shiba Inu (SHIB) has fluctuated alongside changes in the meme coin’s market price. According to data from analytics firm IntoTheBlock, only 12% of current SHIB holders are in a profitable position at the present value of around $0.0000079 per coin. Another 10% are breaking even with neutral profitability, while 78% are estimated to be at an overall loss.

Shiba Inu has dropped 91% from its all-time high of $0.00008616, reached in October 2021. Some holders who bought near-peak prices are now underwater on their investments as a result of this decline. At the same time, those who acquired SHIB at lower prices may be experiencing positive returns.

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Shiba Inu’s price volatility and holder composition appear to be contributing factors impacting individual profitability. SHIB’s value has experienced major swings amid high trading volumes. Meanwhile, IntoTheBlock estimates that 77% of the circulating supply is concentrated among the largest ‘whale’ holders.

Shiba Inu’s burn rate soars over 1000%

Shiba Inu’s burn rate, which permanently removes tokens from circulation, has been volatile recently. According to data site Shibburn, the burn rate spiked by over 1167% in the last 24 hours.

Also read: Shiba Inu Price Prediction (SHIB): August End 2023

During this period, approximately 1 billion SHIB were sent to dead wallet addresses, removing them from the circulating supply. Despite the surge in burn rate, the price of SHIB has fallen recently. SHIB has lost over 24% in the last seven days despite the launch of Shibarium.