The cryptocurrency market is currently experiencing a downturn, with a substantial portion of investors in Shiba Inu (CRYPTO: SHIB) and other cryptocurrencies facing losses.
What Happened: 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) holders 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
Also Read: Crypto Analyst Warns About Dogecoin, Shiba Inu Amid Uneasy Market: Not An 'Interesting Buy'
The holders 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 holders 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.
Now Read: Dogecoin Founder Billy Markus Reveals His Number One Rule For Crypto Along With His Favorite Tokens
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This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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