The latest Shiba Inu collapse to the lower spectrum of the $0.000030 territory now leaves over 170,000 addresses who purchased 86.8 trillion SHIB at break even.
The crypto market is currently witnessing a retracement that has triggered widespread turbulence across the board. Due to the market-wide downturn, the global crypto market cap has fallen by a massive 5.94% over the past day.
Notably, Bitcoin (BTC) has slipped below the $70,000 and $69,000 levels in a 6.82% crash in the last 24 hours. Similarly, Ethereum has broken below $3,800, having dropped 5.87% within the same timeframe. Pepe (PEPE) has also slumped 13.35%.
SHIB Addresses at Breakeven Rise to 12%
Shiba Inu has not escaped this bloodbath, having collapsed 10.16% over the past 24 hours. This drop has impacted wallet address profitability, with addresses in profit seeing a discouraging decline.
IntoTheBlock (ITB) confirms this trend, showing a rise in addresses holding Shiba Inu at a break even point and another increase in those holding at a loss amid the drop in profitability. Per ITB data, Shiba Inu holders now at break even have increased to 12.81% of addresses.
It bears mentioning that this rate was 4% as of March 6, when Shiba Inu traded above the $0.000034 territory, as reported by The Crypto Basic. The latest figure suggests that addresses at break even have surged by a massive 220% on the back of the recent market correction.
This 12.81% rate represents about 170,810 addresses, data from ITB shows. Interestingly, these wallets procured 86.81 trillion Shiba Inu tokens between the prices of $0.000028 and $0.000036, with the average cost price sitting at $0.000032.
Shiba Inu Investors Turn to HODLing
Should these investors choose to liquidate their balances, most of them would recover their initial investments. However, the current market sentiments suggest that this might not occur, as proponents have continued to project higher prices for SHIB, including $0.01.
For instance, most of these addresses chose not to sell off their assets even when Shiba Inu shot up to the cycle peak of $0.00004567 on March 5 despite seeing profit on their holdings. This HODL culture emanated from optimism that SHIB could hit higher grounds.
However, with the latest price collapse, some of these addresses have now slipped to losses with most currently at break even. As a result, addresses at loss have now increased to 270,210, representing 20.27% of the total Shiba Inu holders. This rate was 12% as of March 6.
In addition, up to 66.92% of wallets, amounting to 892,010 addresses, are currently seeing profits, down from the 84% on March 6. Meanwhile, Shiba Inu currently trades for $0.00003017, recording an 8.19% collapse on the weekly timeframe.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
