- The primary cause for the holding’s depreciation is the asset itself.
- Since the previous ATH, Shiba Inu has lost around 70% of its value.
As of December 20, Shiba Inu (SHIB) is the third most utilized coin on the Ethereum Network. SHIB has surpassed numerous other currencies and is only third in users after Tether (USDT) and U.S. Dollar Coin (USDC).
The coin has 78,089 unique users, 485,935 for USDT and 232,311 for USDC. And this is despite SHIB’s poor market performance since October. SHIB dubbed the “Dogecoin killer,” may have a shot with its latest advancements. Interestingly, DOGE is not left behind in researching new use cases.
Unfortunately for investors, Shiba Inu cryptocurrency has taken another tumble, with assets plummeting below $0.00003 and entering a correction phase. According to WhaleStats, most whales that presently own Shiba Inu bought it at a much higher price than today, resulting in significant losses for these whales.
Both Whales and Retail Traders Affected
According to IntoTheBlock, retail traders generally lose money or break even on the market. Previously, over 75% of Shiba Inu wallets were lucrative, while the asset lost value. The considerable reduction in SHIB token profitability occurred when the meme-based cryptocurrency broke through the $0.000045 support, indicating that most traders placed positions near to or at that price.
The primary cause for the holding’s depreciation is the asset itself. Since the previous ATH, Shiba Inu has lost around 70% of its value. Shiba Inu previously traded at $0.000088 before plummeting to October levels.
According to CoinMarketCap, the SHIBA INU price today is $0.000030 USD with a 24-hour trading volume of $1,026,936,033 USD. SHIBA INU has been down 6.09% in the last 24 hours.
