- There are currently 186.38 trillion SHIB tokens trading at a loss.
- SHIB’s price performance has paled in comparison to that of PEPE over the last week.
- A recent study done by CoinGecko shows that 60% of U.S. traders chose SHIB as their favorite meme coin.
Shiba Inu (SHIB) wallet addresses holding nearly 186.38 trillion SHIB tokens are underwater as the meme coin traded at $0.00001001 according to CoinMarketCap. This struggle for SHIB holders has intensified due to the meteoric rise of other meme coins such as Pepe (PEPE).
The second largest meme coin by market cap has recently been rejected by the key resistance level at $0.00001011. Furthermore, data from IntoTheBlock shows that 186.38 trillion SHIB held by 143,000 wallet addresses are currently trading at a lower price than that at which they were bought.
The 143,000 wallet addresses currently sitting with unrealized losses will receive some relief should the altcoin’s price break above the $0.00001011 resistance. In addition, a break above this level would fuel a bullish thesis and a potential recovery for SHIB.
While SHIB has been struggling, other meme coins have generated substantial profits for their holders. One such crypto is PEPE, which yielded more than a 300% gain for holders over the past weekend. This, together with its massive spike in its 24-hour trading volume, saw PEPE challenge its biggest competitors Dogecoin (DOGE) and SHIB in the meme coin category.
Despite the current state of meme coins, SHIB has been able to retain its popularity among U.S. traders according to a recent study undertaken by CoinGecko. The research showed that SHIB generated 60.7% of U.S. interest in the meme coin category.
At press time, CoinMarketCap showed that SHIB’s price was able to climb 0.29% over the past 24 hours. Meanwhile, PEPE climbed more than 22% and was trading at $0.000001277.
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