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- 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
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According to statistics, the average price of $0.00001 is a significant resistance level for SHIB since the vast majority of holders in loss (411,390 addresses) have bought Shiba Inu at prices between $0.000008 and $0.000014. Moreover, the price of SHIB is currently consolidating.
While the future may not look bright for most SHIB holders right now, anything can happen in this industry. This includes both positive developments, such as the upcoming Shibarium update, and negative changes, such as the current bearish market conditions.
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 live 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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