Shiba Inu (SHIB) has experienced a significant drop in price, causing many investors to find themselves in a precarious position.
With the recent decline in the value of SHIB, a staggering 1 million addresses now find themselves in the red zone, facing losses on their investment.
In the context of crypto trading, the term “red zone” often refers to a situation where a digital currency is experiencing a significant decline or negative price movement. It is usually associated with bearish market conditions or a downtrend.
This turn of events has sparked concern and curiosity among cryptocurrency enthusiasts and market observers, as they investigate the reasons behind the price drop and its implications for the future of Shiba Inu and the big investor. based on this.
Break Even Indicator Highlights Shiba Inu Price Drop Effect
In the midst of a volatile cryptocurrency market, the price of Shiba Inu (SHIB) in CoinGecko currently sitting at a measly $0.00000852. Recent data shows that SHIB has experienced a modest 0.4% rally over the past 24 hours, but has endured a gradual 2.0% decline over the seven-day period.
Source: Coingecko
According to IntoTheBlock’s Break Even Price indicator, the price movement has left a significant impact on SHIB investors. From the total SHIB addresses reviewed, approx 1 million addresseswhich accounted for 79.74%, found themselves in losses.
Source: IntoTheBlock
On the other hand, 219,880 addresses (17.51%) have realized profits or are currently making profits. In addition, 34,600 addresses (2.76%) are at a break-even point, meaning they have no losses or profits.
The Break Even Price indicator is a metric that examines the realized gains and losses of SHIB holders based on on-chain data. It provides a comprehensive view of the collective gains and losses experienced by holders of the Shiba Inu cryptocurrency.
This data sheds light on the overall financial situation of SHIB investors, highlighting the existing challenges faced by a significant part of the community amid recent price fluctuations.
SHIB market cap currently at $4.8 billion. Chart: TradingView.com
Selloff Pressure As Shibarium Launch Timeline Faces Uncertainty
Meanwhile, new data obtained from Etherscan reveals a unique development within the Shiba Inu ecosystem. In just a few hours, a huge amount of nearly 280 billion SHIB tokens, worth approximately $2,360,220, was transferred to a Huobi wallet.
This significant influx of tokens suggests a potential intention to sell them, putting further downward pressure on SHIB’s price.
UNDERSTAND – if some testing goes wrong it might take a while – it’s made – it’s not made by magic box😜
— 𝐋𝐔𝐂𝐈𝐄 (@LucieSHIB) May 24, 2023
The Shiba Inu team also faced another challenge in relation to the launch of their much anticipated Shibarium.
In a recent tweet@LucieSHIB, the official content marketing expert representing the Shiba Inu team, provides an update on the anticipated launch of Shibarium, the project’s Layer 2 network.
Based on the information shared by a SHIB developer known as Shibarium1, @LucieSHIB expressed his expectation that Shibarium could be launched later this year, especially in the third quarter.
-Featured image from The Live Nagpur
