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Shiba Inu (SHIB) is the third most used token on Ethereum, whales are in deep losses

According to data from Etherscan on December 20, Shiba Inu (SHIB) has outperformed several other tokens and is only third to the major stablecoins, Tether (USDT) and U.S Dollar Coin (USDC), by number of users over the last seven days. The token has 78,089 unique users, following USDT and USDC with 485,935 and 232,311. This high usage is despite SHIB’s unimpressive market performance since October.

shiba-inu-shib-is-the-third-most-used-token-on-ethereum-whales-are-in-deep-losses

Source: Etherscan

Shiba Inu (SHIB) whales lose more than $150 million in 24 hours

The SHIB experienced another deep drop that resulted in the asset falling from the $0.00003 area and entering another correction phase, which reflects the large Shiba Inu holders. According to WhaleStats, most whales currently holding Shiba Inu opened their positions when the asset was trading at a significantly higher price than now, which puts the majority of these wallets in big losses.

shiba-inu-shib-is-the-third-most-used-token-on-ethereum-whales-are-in-deep-losses1

Source: Whalestats

The same principle applies to retail traders who mostly lose or break even in the market. The percentage of Shiba Inu wallets that were previously profitable was at approximately 75%, while the asset was losing value gained once.

The massive drop in SHIB token returns comes after the meme-based token dropped to the $0.000045 support level, which suggests that the majority of traders have entered their positions close to above or at the above price.

The main reason behind the drop in the value of a holding asset is due to negative price action against the asset itself. Shiba Inu has lost about 70% of its value since the last ATH. Before that, SHIB was trading at $0.000088 before quickly dropping to October levels.

The SHIB trades in the pre-pump zone have reached a rapid 240% increase in early October. The consolidation comes after the pump run has been on for more than 17 days. SHIB has been referred to as the “Dogecoin killer” and may stand a chance with the new developments from its team. Interestingly, DOGE is not left behind in exploring use cases to keep it relevant.

As these meme cryptocurrencies explore new use cases relevant in today’s world, their status could change from just crypto representing cute dogs assets with some real value soon.

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