Shiba Inu gains momentum in Q2 with over 4,000 daily new addresses, but 84% of token holders are experiencing losses due to dominant large holders.
Key Points
- Shiba Inu ends Q2 strong with over 4,000 daily new addresses, signaling growth and adoption.
- 84% of SHIB token holders are experiencing losses, mainly due to large holders dominating the market.
- Shiba Inu shows promising future with 70% green days and positive price performance.
- Continued evolution of Shiba Inu in the coming months will be worth watching.
Shiba Inu (SHIB) has gained significant attention recently, ending the second quarter of the year strong, according to market intelligence platform IntoTheBlock. The platform tweeted about Shiba Inu’s quarterly update, highlighting positive signs of growth regarding new addresses.
According to IntoTheBlock’s tweet, Shiba Inu saw daily new addresses surpass 4,000 on June 27, marking a significant increase of 357% compared to its quarterly low of 877 on May 21. This surge in new addresses indicates a growing interest in Shiba Inu and signifies broader adoption.
Quarterly Update: #SHIB had a strong ending to Q2, with new addresses showing positive signs of growth. Daily new addresses reached over 4k on June 27th, up 357% from it 877 quarterly low on May 21st. pic.twitter.com/jbhlR8OUvl
— IntoTheBlock (@intotheblock) July 3, 2023
84% of SHIB Token Holders Experience Losses
IntoTheBlock’s token summary reveals interesting insights about Shiba Inu’s market dynamics. Currently, 11% of token holders are making money at the current price, 4% are at a break-even point, and a staggering 84% are experiencing losses.
This concentration of losses can be attributed to the dominance of large holders, who account for 79% of the total token concentration. The data also sheds light on the composition of Shiba Inu holders based on the time they have held the token. The majority, 69%, have held Shiba Inu for over a year, indicating a strong commitment among long-term investors. Additionally, 27% of holders have held the token for one to 12 months, while only 4% are relatively new investors who have held the token for less than a month.
Data Suggests Positive Future for SHIB with 70% Green Days
Further insights into Shiba Inu’s performance are provided by Coincodex, a popular crypto data platform. According to its technical indicators, the current sentiment towards Shiba Inu is neutral, while the Fear & Greed Index suggests a greed sentiment with a score of 62.
Coincodex data also shows that over the last 30 days, Shiba Inu has experienced 21 out of 30 green days, indicating positive price performance with 7.80% volatility.
In conclusion, Shiba Inu has seen significant growth in Q2, with over 4,000 daily new addresses. However, the majority of SHIB token holders are currently experiencing losses. Despite this, data suggests a positive future for SHIB, with 70% green days indicating promising price performance. It will be interesting to see how Shiba Inu continues to evolve in the coming months.
