The price of the dog-themed Shiba Inu (SHIB) crypto asset is recovering after developers announced the upcoming launch of the ecosystem layer 2 network, but many traders are still in the red.
SHIB is up 37.5% in the last two weeks amid enthusiasm for Shibarium’s 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 1, the token is now trading for $0.000011.
Despite the uptick, most Shiba Inu owners still have losses. Data from blockchain analytics firm IntoTheBlock shows that at the current SHIB price, only 35% of token holders are making a profit, while 55% are still making losses.
Of Shiba Inu investors, 63% bought the crypto asset more than a year ago, 34% got their tokens in the last 12 months, and only 3% bought SHIB less than a month ago.
SHIB reached 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 main rival Dogecoin (DOGE) are enjoying gains as the meme coin trades at $0.080, up from $0.073 two weeks ago.
IntoTheBlock data shows that 56% of DOGE investors are profitable and 41% are losing. Of Dogecoin holders, 72% have held their tokens for more than a year, 24% bought DOGE in the last 12 months, and 4% have held the crypto asset for less than a month.
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