- Data shows that 84.85%, or 1.06 million Shiba Inu addresses, are trading in red.
- The direction of the SHIB price will be heavily influenced by Shibarium development.
Shiba Inu (SHIB) is consolidating its gains and trading sideways along with the rest of the cryptocurrency market, however, the bulk of its investors are now in the red.
Specifically, as of July 12, data from the crypto analytics portal IntoTheBlock shows that 84.85%, or 1.06 million Shiba Inu addresses, are trading in red due to the asset’s current pricing, while just 11.14%, or 139,610, are in profit.
Consolidation Phase
According to statistics, the average price of $0.00001 is a big resistance level for SHIB since the vast majority of the holders in loss (411,390 addresses) have bought Shiba Inu at prices between $0.000008 and $0.000014. Moreover, the price of SHIB is consolidating at the moment.
While the future may not look bright for most SHIB holders right now, anything can happen in this industry. This includes both positive (such as the upcoming Shibarium update) and negative (such as the current bearish) changes.
The amount of transactions on the Shibarium testnet has increased significantly over the previous two days, as seen by statistics from the Puppyscan explorer. The number of transactions has almost surpassed 29 million, and if current trends continue, it may hit the 30 million mark by the weekend.
There has been no recent increase in the number of linked wallets on Shibarium beta Puppynet, which now stands at 17,061,579. After much anticipation from the SHIB community, Puppynet finally went up on March 11 of this year.
The direction of the SHIB price will be heavily influenced by factors like Shibarium development and wider market movements. Prospects for SHIB’s future may be better understood if these factors are evaluated.
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