The latest correction of the cryptocurrency market and the fact that Shiba Inu has been trading far from its peak levels for nearly two years has significantly affected SHIB investors.
According to data provided by IntoTheBlock, 91% of people who have invested funds in the memecoin are currently underwater (the figure was 89% a month ago).
The crypto science company further revealed that over 70% of investors have joined Shiba Inu’s ecosystem more than a year ago, 27% have done so in the past 12 months, while only 2% have joined the bandwagon in the last 30 days.
Apart from the rising number of holders who are now in red, IntoTheBlock estimated that the whale concentration has also increased. Currently, large investors own 78% of SHIB’s circulating supply, while a month ago, the percentage at 63%.
Is SHIB Price Rally on the Cards?
Despite being 91% from its all-time high registered in October 2021, SHIB has some chances to reach its former glory and start a fresh bull run. At least that is what Shibarium’s Market Strategist – LUCIE – and the X (Twitter) user – $SHIB KNIGHT – believe.
The former claimed that the memecoin could rally since it speaks for the “goodness” that eventually “prevails.” They also argued that it is fully decentralized and “represents the people.”
For one, $SHIB KNIGHT assumed that the asset could jump to an 8-month high since it has been holding above a crucial support line “all the time.”
