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Which Altcoin Holders Are Underwater?

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If this is your first market crash, we welcome you to the weary tribe of wounded altcoin holders with a firm embrace. The crash has wiped out over $1.5 trillion dollars from liquidated traders so far. Despite the lingering pain of staring at our traumatized portfolios, there are interesting statistics to read regarding this crash. And NO, we will not talk about the Pikachu pattern. In this article, we’ll go over which altcoin holders are currently underwater with a higher rate than others. And they are certainly a wild bunch when you consider each one. Cardano (ADA), Polygon (MATIC) and Shiba Inu (SHIB) holders are predominantly in the red.

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Altcoin Holders in the Gulag

New research data revealed by IntoTheBlock shows some very interesting facts and data about the latest correction. Except for Bitcoin and Ethereum, a vast majority of altcoin holders are underwater. Primarily, Cardano, Polygon and Shiba Inu holders are in performing worse than others which makes sense to be honest.

In this case, underwater means that the average purchase price is higher than the current price. This term is also regarded as “out of money” which is something you really don’t want to be called. The opposite of this term is called “In the Money”.

With that said, 81% of ADA holders are underwater which is the worst one thus far. If you’re an ADA holder, we shall press “F” in our keyboards and respectfully recommend you hold your breath. Only 12% are in the money and about 8% are even-steven. There is good reason as to why ADA holds the top spot and we will discuss it later in this article.

Polygon (MATIC) takes the silver medal since about 51% of holders are currently underwater. 37% are still in the profit and 12% are breakeven.

And as for the bronze, Shiba Inu holders are slightly behind MATIC holders. Currently, 50% of SHIB army are in the red while 39% are still in profit and 11% are right back where they started.

And the honorary mention goes to Dogecoin holders. 44% of Doggy Coin lovers are out of money, 52% are in profit and 5% are breakeven.

Despite the plunge, a majority of BTC and ETH holders are still enjoying their stonks. 58% of Bitcoin holders are still in the profit which could be a bit alarming. On the other hand, ETH is doing better as 61% of holders are in the money and 30% are out of money.

He Who Shall Be First

Clearly, all these numbers and statistics show direct relationship with one thing and that is timing. It is less about practicality or utility and more about when was the last hype that resulted a wave of buying demand. Looking back, ADA, Polygon and Shiba Inu had recent hypes that eventually attracted lots of new buyers. In that regard, those who made earlier investments are still in profit as demonstrated by Ether and Bitcoin.

Interestingly, the three musketeers tend to illustrate the three kinds of crypto investors. ADA for the educated and utilitarian, Polygon for the tech lovers and Shiba for the risk-takers. The beauty of that is the fact that crypto crash does not discriminate!

On a serious note, these statistics are not to be taken lightly. The previous crash in the summer of 2020 was quite detrimental for the market. However, a pretty much similar crash can seriously damage investors’ trust and cause a long-term bear market.


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