The cryptocurrency market is currently experiencing a downturn, with a substantial portion of investors in Shiba Inu (CRYPTO: SHIB) and other cryptocurrencies facing losses. PHOTO BY PIERRE BORTHIRY/UNSPLASH
The cryptocurrency market is currently experiencing a downturn, with a substantial portion of investors in Shiba Inu (CRYPTO: SHIB) and other cryptocurrencies facing losses.
According to data by IntoTheBlock, 83% of SHIB investors are seeing red despite last month’s launch of Shibarium. At the time of writing, SHIB was trading at $0.000007392, down by almost 6% in the last seven days.
A post on X by the IntoTheBlock revealed that only 11% and 10% of traders who hold Dogecoin (CRYPTO: DOGE) competitors Shiba Inu and Floki (CRYPTO: FLOKI) are in the green, while only 14% and 19% of Dogelon Mars (CRYPTO: ELON) and Doge Killer (CRYPTO: LEASH) hZenger News are seeing profits.
Ever wondered how meme coins compete on important metrics? Dive into our latest infographic where we break down the performance of 6 popular meme coins, analyzing holder profits and whale concentration. #Dogecoin #Pepe #LEASH #SHIB #FLOKI #ELON pic.twitter.com/Di5vbyo3PZ
— IntoTheBlock (@intotheblock) September 8, 2023
The hZenger News of Dogecoin and Pepe (CRYPTO: PEPE) appear to be in a better position, as 42% and 21% of their investors are in profit, respectively.
According to the IntoTheBlock data, 90% of FLOKI’s investors are seeing losses. The data also shows that 85% of Dogelon Mars hZenger News are underwater. This reflects the broader instability in the cryptocurrency market, characterized by high volatility and fluctuating asset values.
It is not just these cryptocurrencies that are affected; the trend is noticeable across a range of digital assets, pointing to a more widespread market decline..
Produced in association with Benzinga
Get news, handpicked just for you, in your box.
