The price of the dog-themed crypto asset Shiba Inu (SHIB) is rallying after developers announced the upcoming launch of the ecosystem’s layer-2 network, but many traders are still in the red.
SHIB is up by 37.5% in the last two weeks amid the hype on the Shibarium layer-2 scaling solution, which promises scalability, faster transaction times, lower fees and an expanded development framework.
From changing hands for $0.000008 on January 1st, the token is now trading for $0.000011.
Despite the rally, the majority of Shiba Inu holders are still sitting on losses. Data from blockchain analytics firm IntoTheBlock show that at SHIB’s current price, only 35% of the token’s holders are taking profits while 55% are still sustaining losses.
Of the Shiba Inu investors, 63% bought the crypto asset more than a year ago, 34% got their tokens over the last 12 months and only 3% purchased SHIB less than a month ago.
SHIB hit an all-time high of $0.000086 in October 2021 and was changing hands above $0.000020 a year ago.
Meanwhile, most holders of SHIB’s leading rival, Dogecoin (DOGE), are enjoying gains as the meme coin trades at $0.080, up from $0.073 two weeks ago.
Data from IntoTheBlock show that 56% of DOGE’s investors are profitable and 41% are suffering losses. Of the Dogecoin holders, 72% have been holding their tokens for over a year, 24% bought DOGE over the last 12 months and 4% have had the crypto asset for less than one month.
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