Around 71% of those holding onto their holdings in the meme-inspired cryptocurrency Shiba Inu ($SHIB) are currently in a state of profit, while around 17% are down on their investment, according to crypto data firm IntoTheBlock.
The firm’s data shows that with Shiba Inu trading at $0.000054 per token, nearly 40% below its all-time high of $0.00008852 seen earlier this month, over 70% of the cryptocurrency’s investors are still in the green.
Shiba Inu’s price exploded this year amid a retail trading frenzy that supported most meme-inspired cryptoassets. The trading frenzy led to a price rally that allow a SHIB investor to turn an $8,000 bet in the cryptocurrency into a stash that was at one point worth $5.7 billion.
Shiba Inu’s has become the third-most Googled cryptocurrency so far this year. A study has shown Shiba Inu received 2.8 million searches on average per month so far this year, while bitcoin received 22 million average monthly searches. In second place came Ethereum, with 6.3 million average searches per month.
The cryptocurrency’s trading volume has surged to rival that of Ethereum after a supporter asked Tesla and SpaceX CEO Elon Musk, who has been a vocal supporter of rival meme-inspired cryptocurrency Dogecoin how much SHIB Musk was holding. Musk revealed he only hold BTC, ETH, and DOGE.
Ethereum whale ‘Gimli’ has been accumulating large amounts of SHIB, which to some shows the price of the cryptocurrency may move up in the near future. Whale transactions have been partially fueling the meme-inspired cryptocurrency’s bull run, according to data that shows large transactions occurred ahead of price rises.
According to cryptocurrency analytics firm Santiment, SHIB transactions exceeding $100,000 have generally surged ahead of cryptocurrency price rises. Notably, whales may be accumulating even more of the cryptocurrency ahead of these rises.
As reported, digital asset-focused research firm Delphi Digital has revealed that historically dog coins, meaning cryptocurrencies inspired by the popular Shiba Inu meme, have historically been “a pretty good indication of an overheated market.”
The firm pointed out that from April to May of this year and in early September dog coins were “all the rage and quickly crated as crypto markets cooled off or saw a fairly deep de-leveraging.”
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