After the cryptocurrency market crash, most traders have been eager to offload many assets, with the meme coin Shiba Inu (SHIB), not an exception.
Despite the token’s rise in popularity over the last year, the latest data reveals that if you were to dollar-cost average into the asset in the previous 365 days, the same amount, you would be at a loss.
Indeed, investing $100 in SHIB from June 2021 to June 2022 every 14 days for a total of 27 investments ($2,700 in total) would result in $2,190.65 of value in Shiba Inu, according to data from DCA crypto.
The decrease from $2,700 to $2,190.65 represents a loss of $509.35 or -18.86% return of investment.
It’s also worth mentioning that out of the total 27 investment dates, investing for 22 fortnights would see traders in profit. Notably, just five investment dates saw traders incur losses, with the most recent three being the result of the meme currency being impacted by the meltdown in the crypto market.
U.S. investors lose interest in SHIB
It comes as no surprise that SHIB topped the list of tokens Americans want to sell the most in a study of Google Trends analysis conducted by Los Muertos had revealed.
Furthermore, SHIB lost over 20,000 holders in a week between June 2 and June as demand for the meme coin slumped.
Based on the interest in selling the meme coins, it may be claimed that the hype around them is dying off. Those who are opposed to the assets have asserted that the coins have no practical application, despite the fact that some of them are getting use cases as a payment method.
By press time, SHIB was trading at $0.00001029, up 8.34% over the last 24 hours and 23.64% in the previous seven days.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.