Only a minority of Shiba Inu (SHIB) holders are currently in profit as the meme coin rests nearly 70% off its all-time high, according to cryptocurrency analytics platform IntoTheBlock.
To determine which holders are currently nursing losses, IntotheBlock looked at wallets with a Shiba Inu balance, identified the average purchase amount of the coins, and compared the figure to the current price of the Dogecoin (DOGE) competitor.
A holder is underwater or “out of the money” if the average purchase amount is greater than the current price. On the other hand, an investor is listed as “in the money” or in profits if the average cost is less than that current price.
When the average cost is the same as the current price, then the holder is “at the money” or at breakeven.
With memecoin currently trading at $0.000027, 56% of Shiba Inu holders are in the red. Only 40% of Shiba Inu investors are in profit while 4% are breakeven.
IntoTheBlock also reveals that 78% of Shiba Inu holders are deep-pocketed investors or whales.
The crypto insights firm also says that 89% of SHIB holders have held the memecoin for a period of between one and 12 months while 11% have held Shiba Inu for less than one month.
Per the whale-monitoring platform WhaleStats, the top 1,000 non-exchange Ethereum (ETH) whales currently own $1.39 billion worth of SHIB tokens. SHIB currently ranks third on the list of top Ethereum whale holdings. Ethereum itself ranks first, followed by FTX Token (FTT), the utility token of crypto derivatives exchange FTX.