Many Shiba Inu investors have been left in severe losses in the past month following a massive plunge in SHIB’s market cap and price.
According to data from CoinMarketCap, SHIB had a market cap of $6.14 billion as of August 14. However, the asset’s market cap has depreciated massively in the past month, as it is currently worth $4.29 billion at the time of writing (September 13).
This shows that SHIB’s market valuation has slumped by 35.47% over the past 30 days, with the asset losing $1.85 billion from its market cap within this timeframe.
89% of SHIB Addresses At a Loss
Consequently, the evaporation of $1.85 billion from SHIB’s market capitalization in one month has had a huge toll on the token’s price.
Per CMC data, the price of SHIB has slumped from $0.00001043 on August 14 to $0.00000725 on September 13, representing a drop of 35.97% in one month.
Notably, the massive plunge in SHIB price in the past month has also put many investors in huge losses. At press time, IntoTheBlock data shows that a whopping 89% of addresses are currently holding SHIB at a loss.
Conversely, only 9% of SHIB holders are in profit at the current price of $0.00000725, while 3% of addresses holding the token are at breakeven.
SHIB Down Alongside Other Top Coins
It is worth mentioning that some investors expected August to be a bullish month for SHIB following the mainnet launch of Shibarium, the Shiba Inu ecosystem L2 blockchain.
However, things did not go as planned, as the network’s launch has not had a significant impact on the price. Despite Shibarium surpassing 2M transactions yesterday, the price of SHIB has been relatively low.
Furthermore, the overall performance of the crypto market has largely affected SHIB’s price.
The market is currently in a bear cycle, leading to a massive plunge in crypto prices. Over the past month, the prices of BTC, ETH, BNB, and XRP are down 11.1%, 13.6%, 11.9%, and 23.4%, respectively.
Shiba Inu Team Focused on Driving Adoption for SHIB
Meanwhile, the Shiba Inu development team still believes the asset’s price will rally again. Its focus has been on introducing new technologies and fostering the widespread adoption of SHIB.
These efforts could help grow SHIB’s price in the long term. In the meantime, the community believes that burning a huge part of SHIB’s circulating supply would cause the token’s price to soar.
However, Shiba Inu’s lead developer, Shytoshi Kusama, thinks otherwise, as he emphasized the importance of introducing new technologies and utilities for Shib.