Shiba Inu: Over 800,000 SHIB holders are at a loss – Are you one?

• More than 50% of SHIB investors hold at a loss.
• The number of SHIB’s large investors has fallen in the last month.

Leading memecoin Shiba Inu [SHIB] has many holders at a loss. According to IntoTheBlock’s data, 829,340 wallet addresses, which comprise 62% of all its holders, are “out of the money.”

According to the on-chain data provider, a wallet address is deemed “out of the money” when it holds an asset at a price lower than its cost basis. 

On the other hand, 442,120 addresses, which represent 33% of all SHIB holders, are “in the money,” meaning they currently sit on unrealized profits. 

Source: IntoTheBlock

SHIB printed green in the past few weeks 

The past few weeks have seen a resurgence in the meme coin market activity. Impacted by this growth, SHIB’s price has risen by double digits in the last month.

Exchanging hands at $0.00002526 at press time, the coin’s value has increased by 17% in the past 30 days.

Due to the surge in SHIB’s value, a significant portion of transactions involving the meme coin have returned profit during the period under review. 

According to Santiment’s data, SHIB’s daily ratio of its transaction volume in profit to loss (assessed using a 30-day moving average) was 1.2 at the time of press. 

Source: Santiment

This suggested that for every SHIB transaction that has returned a loss in the last month, 1.2 transactions ended in a profit. This means that SHIB traders have completed more profitable transactions than they have the ones that ended in a loss. 

This may have triggered SHIB whales to offload their holdings to book profit, as on-chain data revealed a decline in the count of SHIB whale addresses in the last month. 

The number of SHIB whales holding more than 1,000,000 coins has fallen by 2% in the past 30 days. This cohort of SHIB investors comprised 947,000 wallet addresses and held 99% of the meme coin’s total circulating supply as of this writing.

Read Shiba Inu’s [SHIB] Price Prediction 2024-25

In its futures market, SHIB’s open interest has surged. As of 29 May, the coin’s futures open interest closed the day at $45 million, its highest since 13 May. 

Source: Santiment

As of this writing, SHIB’s futures open interest totaled $41 million, according to Santiment.