Altcoin Shiba Inu (SHIB) on the night of Thursday, May 11, rose to $0.000009076 (+0.95%). However, in weekly terms, the capitalization of the cryptocurrency 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 incurring losses. Only 18% of addresses are still profitable.
At the same time, analysts remind that 68% of SHIB holders are hodlers. That is, they did not sell their coins for more than a year.
Due to the rollback of the cryptocurrency in the futures market, investor 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. In February, open interest in SHIB futures exceeded $47 million.
