Shiba Inu Loses $1.97 Billion in Market Cap, Leaving 89% of Holders in the Red

Based on CoinMarketCap data, the market capitalization of Shiba Inu (SHIB) has experienced a significant decline from $6.22 billion on August 14 to $4.25 billion on September 13. This represents a decrease of $1.97 billion in just one month, equating to a decline of 31.67%.

Additionally, information from IntoTheBlock reveals that a substantial 89% of SHIB holders are currently experiencing losses. Only 9% of holders are in a profitable position, while 3% are at a breakeven point.

Even with the introduction of the eagerly awaited Shibarium layer-2 network, Shiba Inu (SHIB) has seen a declining trend throughout much of 2023. Furthermore, the Shibarium network crossing the 2 million transaction mark hasn’t provided the momentum needed for the renowned memecoin. The token has had difficulties surpassing the $0.000008 mark and has witnessed a 5.7% decrease in the last week.

Any Possibility For Shiba Inu to Regain Its Lost Value?

Despite SHIB’s status as one of the leading crypto initiatives, it hasn’t achieved widespread adoption. Both Shytoshi Kusama, the main developer, and SHIB’s burn tracker, Shibburn, have emphasized the significance of demand in boosting the token’s value.

Aside from the recent launch of Shibarium, the Shiba Inu project has several other products in the pipeline. These include the Shibaswap 2.0 exchange, the TREAT token, the renunciation of the BONE contract, Shibahub, and a metaverse initiative. Enthusiasts are optimistic that these offerings will generate increased demand for SHIB, potentially boosting its price.

Furthermore, the SHIB team is actively working on a new token burn mechanism that is rumored to remove trillions of tokens annually. The combination of increased burns and demand is expected to aid the token in recovering its lost value.

However, it’s worth noting that the broader cryptocurrency market also needs to rebound for SHIB to experience positive movements. Bitcoin (BTC), the original cryptocurrency, has been underperforming recently, and the overall crypto market may remain stagnant until BTC regains momentum.

As of the time of writing, SHIB is trading at $0.00000726, with a slight 0.17% decline over the past 24 hours. Furthermore, the token has experienced a significant 91.79% drop from its all-time high of $0.00008845, which was reached in 28th of October 2021.

Disclaimer: The information in this article should not be considered financial advice, and FXCryptoNews articles are intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.