Majority of Shiba Inu Holders Sitting on Losses Despite the Dogecoin Rival’s 55% Rally in Two Weeks

The price of the dog-themed crypto asset Shiba Inu (SHIB) is rallying after developers announced the upcoming launch of the ecosystem’s layer-2 network, but many traders are still in the red.

SHIB is up by 37.5% in the last two weeks amid the hype on the Shibarium layer-2 scaling solution, which promises scalability, faster transaction times, lower fees and an expanded development framework.

From changing hands for $0.000008 on January 1st, the token is now trading for $0.000011.

Despite the rally, the majority of Shiba Inu holders are still sitting on losses. Data from blockchain analytics firm IntoTheBlock show that at SHIB’s current price, only 35% of the token’s holders are taking profits while 55% are still sustaining losses.

Of the Shiba Inu investors, 63% bought the crypto asset more than a year ago, 34% got their tokens over the last 12 months and only 3% purchased SHIB less than a month ago.

SHIB hit an all-time high of $0.000086 in October 2021 and was changing hands above $0.000020 a year ago.

Meanwhile, most holders of SHIB’s leading rival, Dogecoin (DOGE), are enjoying gains as the meme coin trades at $0.080, up from $0.073 two weeks ago.

Data from IntoTheBlock show that 56% of DOGE’s investors are profitable and 41% are suffering losses. Of the Dogecoin holders, 72% have been holding their tokens for over a year, 24% bought DOGE over the last 12 months and 4% have had the crypto asset for less than one month.

 

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Generated Image: Midjourney