Shiba Inu is losing its title as one of the market’s biggest assets in terms of revenue for whale and retail traders.
Unfortunately for investors, Shiba Inu cryptocurrencies have gone through another deep dive that resulted in assets falling out of the $ 0.00003 area and entering another correction phase, which is also reflected in the big Shiba Inu headlines.
Whales and traders are suffering heavy losses
According to data from WhaleStats, most of the whales that currently hold Shiba Inu opened their positions when the asset was trading significantly higher than it is now, putting most of these wallets at heavy losses.
The same principle applies to retailers who, for the most part, are losing money or breaking even in the market, according to IntoTheBlock. The percentage of previously profitable Shiba Inu wallets was about 75%, while the asset was losing its previously earned value.
The big drop in the profitability of the SHIB token appeared after the meme-based token fell through the support of $ 0.000045, indicating that most traders have entered their positions closer to or at the price mentioned above.
Reasons behind the fall
The main reason behind the drop in the value of the share is the negative action of the price of the asset itself. Shiba Inu has lost approximately 70% of its value since the last ATH. Previously, Shiba Inu was trading at $ 0.000088 before rapidly dropping to October levels.
The asset is currently trading in the pre-pump zone that was reached after a rapid 240% rise in early October. Consolidation occurred after the pump had been in operation for more than 17 days.
Based on market and chain data, traders tend to reduce their positions after starting to trade below their entry price. This pattern is tied to the fact that most traders can psychologically keep up with unrealized losses until they stay above the entry point.