Altcoin Shiba Inu (SHIB) on the night of Thursday, May 11, rose to $0.000009076 (+0.95%). However, in weekly terms, the cryptocurrency capitalization decreased by almost 9% to $5.351 billion.
The coin dropped to 15th place in the CoinMarketCap ranking. Its closest competitor is Avalanche (AVAX), which now has a capitalization of just over $5.179 billion.
At the beginning of February 2023, SHIB reached $0.00001471. However, already in March the coin collapsed to $0.00001008. But this mark did not become a local bottom for the cryptocurrency. Already in April it tested lower values, observers say.
According to IntoTheBlock, 78% of Shiba Inu holders are now at a loss. Only 18% of addresses are still profitable.
At the same time, analysts remind that 68% of SHIB holders are holders. That is, they have not sold their coins for more than a year.
Because of the cryptocurrency’s pullback in the futures market, investors’ interest in Shiba Inu is weakening, as evidenced by data from the CoinGlass platform. The amount of open contracts on derivatives exchanges fell to $21.9 million on May 10. Open interest in SHIB futures exceeded $47 million in February.