According to a recent analysis by IntoTheBlock, most memecoin holders currently sit on unrealized losses. Investors of Shiba Inu seem to be the most affected, with only 11% of them being in profit.
Despite the numerous developments surrounding SHIB, the asset’s price has recently been on a downfall (just like the overall cryptocurrency market).
The infographic presented by the blockchain intelligence entity reveals that the majority of Dogecoin, Pepe, Leash, Dogelon Mars, Shiba Inu, and Floki holders are underwater.
DOGE investors appear to be most successful (as of the moment), with 42% being in profit, whereas FLOKI holders are at the bottom with just 10%.
Individuals who have distributed funds to the self-proclaimed Dogecoin-killer Shiba Inu have also been severely affected by the market’s decline: 89% of them are sitting on paper losses.
SHIB’s recent price decrease comes on the back of several developments related to the memecoin. For one, the layer-2 scaling solution developed for Shiba Inu – Shibarium – went live at the end of August.
The blockchain network aims to increase transaction speed, lower costs, and elevate the memecoin above its rivals. Not long ago, the total number of wallets on Shibarium surpassed the one million mark.
Apart from observing the holders’ current profit/losses, IntoTheBlock analyzed how much of the current supply of the aforementioned memecoins is held by whales. According to the figure, 75% of the Dogelon Mars supply belongs to such large investors. Shiba Inu is second, with whale concentration equaling 63%.