Dramatic price drops at SHIB have reduced the number of Shiba Inu millionaires

Dramatic price drops at SHIB have reduced the number of Shiba Inu millionaires

There is no doubt that the Shiba Inu cryptocurrency is suffering from the current bear market. The share price is at an all-time low, with a loss of more than 90% of its peak value. This has inevitably led to a decline in the number of SHIB millionaires, a number that is currently at an all-time low.

Only 1,207 Shiba Inu millionaires remain

With the sharp drop in the Shiba Inu share price, many investors have lost their millionaire status. The once thriving community of millionaires has dwindled to a paltry 1,207 addresses. These titles, each with at least $1 million worth of SHIB, are becoming rarer with each passing day.

The decline could be partially attributed to memecoin losing the support near $0.000008 and falling further. On the other hand, factors such as large investors, who in a hasty attempt to get out of the currency, put their properties up for sale.

Shiba Inu Token Restructuring: Small Investors Lead the Way

However, the coins flooding back into the market due to this shocking sell-off are not ignored. On the contrary, it is being swallowed up by small investors. This process ensures a fairer distribution of coins among their holders. Currently, portfolios holding at least $1 million worth of tokens represent only 0.1% of their total holders, demonstrating a clear shift in the investment landscape.

SHIB’s investors incurred huge losses

The Shiba Inu is one of the worst performing cryptocurrencies in the past week. The share price fell by more than 20 percent in 7 days.

Partly because of this, currently only 11% of all investors can claim to be making a profit. However, the vast majority, about 86% of over 1.3 million investors, lose money at current prices.

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To clarify: Dogecoin (DOGE), the closest Shiba Inu competitor, can still claim that about half of its investors are making money. Bitcoin (BTC), the undisputed king of cryptocurrencies, has a yield of 62% of all owners.

If the current market trend continues and prices continue to decline, SHIB’s profitability levels may decline further. This would inevitably lead to a further decline in the number of SHIB millionaires.

Despite the current setbacks, the Shiba Inu is still a player to be reckoned with in the crypto scene. After all, the currency has a large community of followers and investors behind it.

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