New data shows that the majority of Cardano (ADA), Shiba Inu (SHIB) and Polygon (MATIC) holders are now nursing losses as the crypto markets continue to sell-off.
Crypto insights firm IntoTheBlock looks at wallets with a Cardano balance, identifies the average purchase amount of the coins and compares the figure to the current price of ADA to determine which holders are currently underwater.
A holder is underwater or “out of the money” if the average purchase amount is greater than the current price. On the other hand, an investor is listed as “in the money” or in profits if the average cost is less than that current price.
IntoTheBlock shows that most Cardano holders are now underwater. Among those who invested in ADA, 81% are “out of the money,” while only 12% are “in the money” and 8% are “at the money” or breakeven.
Using the same process, IntoTheBlock reveals that 51% of Polygon investors are in the red, while 37% are in profit and 12% are breakeven.
Meanwhile, of those who bought Shiba Inu (SHIB), 50% are losing money, 39% are in profit and 11% are breakeven.
The crypto intelligence firm also shows that among those who invested in Dogecoin, 44% are holding on to losing positions, 52% are in profits and 5% are breakeven.
Looking at Bitcoin and Ethereum, IntoTheBlock shows that majority of BTC and ETH investors are still in the green despite the downturn. With Bitcoin losing about half of its value in two months, 58% of investors are still holding on to gains. As for ETH 61% of its holders are “in the money”, 30% are “out of the money” and 9% are breakeven.