Meme Altcoin Shiba Inu (SHIB) One of the Most Watched Cryptocurrencies This Year on Binance
Meme token Shiba Inu (SHIB) is among the top three most watched cryptocurrencies in 2022 on the world’s largest crypto exchange.
The other two are king crypto Bitcoin (BTC) and leading smart contract protocol Ethereum (ETH), Binance says in a new announcement.
Although traders are keeping a close watch on Shiba Inu, leading analytics firm IntoTheBlock says that only 3% of SHIB holders are making money on their holdings at time of writing, while 84% are underwater.
The Dogecoin (DOGE) rival went from $0.000033 at the start of 2022 to the current price of 0.000008, an over 75% year-to-date devaluation. The meme crypto asset is also down 90.4% from its all-time high, which it hit in October 2021.
Per IntoTheBlock, 80% of the available SHIB is controlled by large holders, which the analytics firm defines as whales and investors that own more than 0.1% of the altcoin’s circulating supply.
The analytics firm also reveals that 58% of SHIB owners have controlled the meme token for over a year, while 37% have held onto it for more than a month but less than a year. Just 5% have held SHIB for less than a month.
Looking at Bitcoin, 44% of holders are seeing profits while 52% are in the red, according to IntoTheBlock.
Some 72% of Bitcoin owners have held onto the king crypto asset for more than a year, while 22% have held on to it for under a year but over one month. Just 6% have held Bitcoin for less than a month.
The analytics firm adds that deep-pocketed investors own 9% of Bitcoin’s current circulating supply.
Looking at Ethereum, IntoTheBlock finds that 46% of ETH holders are profitable, while 52% are in the red.
ETH whales and investors hold 38% of the circulating supply. About 68% of Ethereum owners have held onto their ETH for more than a year, while 28% have for less than a year but more than a month. Just 4% have held onto ETH for under a month.
At time of writing, Bitcoin is changing hands at $16,686, while Ethereum is trading for $1,189.
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Author: Daily Hodl Staff
