Bitrabo Editorial
Shiba Inu suffered a significant drop in value during the crypto bear market, losing over 90% of its all-time high value. Due to this, the number of SHIB millionaires has been rapidly declining and has now reached one of its lowest points.
Only 1,207 Shiba Inu Millionaires Left
At current prices, only 1,207 SHIB addresses can claim millionaire status. These addresses hold at least $1 million worth of tokens and are becoming fewer by the day. The decline is due to the fact that the meme coin lost support at $0.000008 and declined further. Additionally, large investors are selling their holdings, accelerating the decline.
SHIB price falls to $0.00000799 | Source: SHIBUSD on TradingView.com
Smaller investors are buying up the coins distributed back into the market, leading to a more even distribution among holders. The total number of wallets holding at least $1 million worth of tokens currently only makes up 0.1% of its total holder base.
SHIB Investors Suffering Losses
Holders of Shiba Inu tokens are worse off than any other holder base among the top 20 cryptocurrencies by market cap. Only 11% of all holders are currently in profit, leaving over 86% in losses at present prices. Comparatively, 50% of Dogecoin (DOGE) holders are in profit, while Bitcoin (BTC) and Ethereum holders are at 62% and 65%, respectively, according to data from IntoTheBlock.
Majority of SHIB holders nursing losses | Source: IntoTheBlock
If the current market trend continues, SHIB’s profitability levels for holders could drop further. This would also likely cause the number of SHIB millionaires to decline even further. SHIB is currently trading at $0.0000079, with its market cap at approximately $4.7 billion, making it the 17th largest cryptocurrency by market cap.