Shiba Inu token has been criticized for its lack of utility by the members of the crypto community. However, a new report published by a crypto analytics firm, called IntoTheBlock, has claimed that most of the investors who have decided to accumulate SHIB tokens are generating profits. The report was recently shared on the official blog of the ITB, and its shows that 72% of the digital wallets with Shiba Inu tokens are not in deficit.
The remaining SHIB holders that are left out from the process of making a profit are the ones who have invested in the meme crypto during the recent dip. The report further claims that when the price of the Shiba Inu tokens is going to get restored, the investors will be able to make a profit from it. The blockchain experts shared their opinion based on the on-chain research.
The market experts have found out that due to the smaller engaging costs, the investors in the regions where the money value is many times smaller than the USD, the investors find it easy to accumulate the token. This also raises the question about the majority of SHIB investors having little to no experience in the cryptocurrency market.
According to the statistics, from October to November, the SHIB investors increased by 31%, and the price of the token underwent 111% appreciation. It is also worth noting that the prospect of making a profit without any experience inspired more investors to get started with SHIB tokens or diversify their portfolios.
Whales Control Shibu Inu Supply
In the past, SHIB token has been bogged down by technical experts for not offering any real value or any use cases for blockchain developers. However, a new issue has started to worry the financial and investment market experts related to the SHIB token project. The latest price volatility of this token was caused by one SHIB whale with 10 trillion tokens moving it to 4 different crypto wallets.
According to reports, out of the total circulation supply, 78% is held by whale investors. While some investors think that it is a good sign that shows a great interest in the meme cryptocurrency. Others are worried that such a prospect allows the whales to dictate the price point and cash out at any time that can drive the price of the token to absolute zero, rendering it useless.