As a result of a 15% decline this month, over 1 million holders are already in the negative, and Shiba Inu is attempting to make up those losses.
The effects of the ongoing market-wide turbulence have not been avoided by Shiba Inu (SHIB). The asset has lost more than 15% of its value this month, breaking through the strong $0.00001 support. The asset is currently trying to stage a comeback back to the $0.00001 region as this crash has caused over 1 million SHIB holders to lose money.
According to research from the on-chain data analytics firm IntoTheBlock, up to 81% of Shiba Inu investors are expected to lose money on their investments at the asset’s current pricing. According to Etherscan data, SHIB currently counts an estimated 1.3 million holdings. 1,053,000 addresses are now lost as a result.
Furthermore, according to IntoTheBlock, only 16% of holders, or more than 200K addresses, are making money. Additionally, 39,000 addresses have reached the point where they break even. This implies that neither gains nor losses are being realized by these holders on their assets.
The continuous market-wide massacre that has beaten SHIB below the $0.00001 threshold is the cause of this negative reality. The bulk of Shiba Inu holders, according to IntoTheBlock, bought their tokens when the asset was trading between $0.000009 and $0.000026. SHIB is now down 1.96% over the last week, trading at $0.00000852.
Shiba Inu Looks to Embark on a Recovery Campaign
As the bearish trend that started in mid-April spilled over, Shiba Inu started the month at a price of $0.00001008 per share. The asset fell below $0.00001 on May 1 before swiftly regaining it the next day. SHIB held onto the $0.00001 support all the way up until May 6, when it fell by 5.14%.
After then, there was a wild collapse to the low of $0.000008. As a result of the bulls’ inability to build a recovery, the asset is currently consolidating between $0.00000832 and $0.000009. SHIB is currently down 15.81% this month at its current price.
The ecosystem’s surroundings have not done much to provide the bulls with assistance. The asset, however, hopes to rebound as a result of a rise in whale accumulation. Investors have accumulated more than 2.8 trillion SHIB during the last week, according to an IntoTheBlock chart.
A whale address owning 10 billion to 100 billion Shiba Inu may have acquired approximately 1.9 trillion SHIB since late March, according to data from the behavior analytics platform Santiment. Among other addresses, there is also a consistent accumulation pattern.
This accumulation denotes a revival of interest brought on by hope. Shiba Inu intends to use the resulting demand as leverage to launch a recovery campaign. Due to the large sell wall at this zone, the asset would need to break over the major resistance between $0.000009 and $0.00001.