Shiba Inu continues to follow the larger market downturn. It is clear that it has not been able to invalidate its bearish gain. However, the network has reached a new milestone in the last 24 hours.
Loses the grip
Investors are scratching their heads over SHIB’s latest price action. According to CoinMarketCap, SHIB traded at $ 0.0000099, during the press release. This figure is more than 15% down during the week and around 90% down from the ATH of $ 0.000088.
The coin continues to share opinions with the so-called Shiba army, which is wavering immortal support while others continue to oppose it. Calculations on the chain have indicated the pain limits for SHIB as it struggles to survive in the crypto winter.
According to IntoTheBlock, only 22% of Shiba Inu holders currently make a profit. 74% of the owners are out of money, while 4% do not suffer losses or earn anything.
In addition, SHIB has taken over SLV as the largest stake (in USD) among the 1[ads1]00 best Ethereum whales. To the relief of investors, Shiba Inu actually completed the burning of 400 trillion tokens. However, the burning of tokens had minimal effect on the price due to market volatility.
Deep dive into chain data
On the other hand, the calculations continue to tell a staggering performance to SHIB. Think about this – the calculation for social dominance that tracks Shiba Inu’s performance on social media channels has not posted any impressive numbers.
In fact, the performance of this calculation has been erratic over the past week with subsequent extreme ups and downs. At the time of the press, however, it was attempting a gradual improvement.
The volume on the SHIB network also showed an excited reading. And it was over 0.5% down the last 24 hours of July 4th. Well, unless the wider market recovers, investors should not expect Shiba Inu to register any change in momentum.