Despite Crypto Bounce, Majority of Shiba Inu Holders and One SHIB Rival Remain in Losses: The Daily Hodl Reports 115%+ Surge
The cryptocurrency market has been experiencing a significant rebound in recent weeks, with many digital assets witnessing substantial gains. However, not all coins have been able to ride this wave of success, as highlighted by a recent report from The Daily Hodl. According to the publication, despite a bounce in the crypto market, a majority of Shiba Inu (SHIB) holders and one of its rivals are still facing losses.
Shiba Inu, a meme-based cryptocurrency that gained popularity due to its resemblance to Dogecoin, has been struggling to regain its footing after a massive sell-off earlier this year. The coin experienced a surge of over 115% recently, but this hasn’t been enough to offset the losses incurred by its holders.
The Daily Hodl report suggests that a large number of Shiba Inu investors bought the coin at its peak, during the height of the cryptocurrency market frenzy. As a result, they are currently holding positions that are deep in the red. Despite the recent bounce, these investors are still waiting for the coin’s value to rise significantly before they can break even or make a profit.
Additionally, The Daily Hodl highlights another SHIB rival that is also struggling to recover from losses. Akita Inu (AKITA), another meme-based cryptocurrency, has seen its value plummet since its peak earlier this year. Despite the recent surge in the crypto market, AKITA holders are still facing significant losses.
The report suggests that these losses can be attributed to several factors. Firstly, the initial hype surrounding meme-based cryptocurrencies like Shiba Inu and Akita Inu has died down, leading to decreased demand and interest. Additionally, the overall sentiment towards meme coins has shifted, with investors becoming more cautious and skeptical about their long-term potential.
Furthermore, the lack of utility and real-world use cases for these meme coins has also contributed to their struggles. Unlike other cryptocurrencies that offer tangible benefits or serve a specific purpose, meme coins primarily rely on hype and speculation. This makes them highly volatile and susceptible to market sentiment.
Despite the challenges faced by Shiba Inu and its rival, it’s important to note that the cryptocurrency market is highly unpredictable. While these coins may be struggling now, they could potentially experience a resurgence in the future. However, investors should exercise caution and conduct thorough research before investing in such speculative assets.
In conclusion, despite a recent bounce in the crypto market, a majority of Shiba Inu holders and one of its rivals, Akita Inu, are still facing losses. The initial hype surrounding meme-based cryptocurrencies has faded, leading to decreased demand and interest. Additionally, the lack of utility and real-world use cases for these coins has contributed to their struggles. While the future remains uncertain for these coins, investors should approach them with caution and conduct thorough research before making any investment decisions.
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- Source Link: https://zephyrnet.com/most-holders-of-shiba-inu-and-one-shib-rival-thats-surged-115-in-days-still-underwater-despite-crypto-bounce-the-daily-hodl/