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Shiba Inu (SHIB) Price Ready for Next Move, But Investors Are Not Positive

Fri, 03/24/2023 - 13:04
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Gamza Khanzadaev
Major Shiba Inu holders acquire another 25 trillion Shiba Inu tokens, while SHIB price prepares for next action
Shiba Inu (SHIB) Price Ready for Next Move, But Investors Are Not Positive
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According to crypto analytics portal IntoTheBlock, the ownership structure of Shiba Inu tokens has undergone significant changes since the beginning of this week. A total of almost 25 trillion Shiba Inu tokens have changed hands in less than five days, but the direction of their movement can hardly be called positive.

For the SHIB price, however, the week has seen volatility fade and the formation of a wedge-like technical analysis pattern. It is likely that the Shiba Inu token price will explode with action in the near future. Where it will head, north or south, is an open question at the moment.

SHIB to USD by CoinMarketCap

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Shiba Inu tokens change hands

The largest SHIB inflows have been seen in whale wallets — those who control at least 1% of the total token supply. IntoTheBlock counts 15 such addresses, with their combined balance having grown by just over 25 trillion SHIB since Monday. It is important to note that most of these wallets are hot addresses of crypto exchanges designed to store assets.

On top of that, the balances of those wallets storing between 0.1% and 1% of Shiba Inu's token supply also increased by 3.31 trillion SHIB. There are 43 such addresses, and most of them also belong to cryptocurrency exchanges. At the same time, the aggregate wallet balance of retail investors, i.e., ordinary addresses holding less than 0.1% of SHIB's supply, decreased by 3.44 trillion tokens.

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Thus, it can be said that this week there was an influx of Shiba Inu tokens on exchanges, while retail investors' wallets were emptying their wallets at the same time. This is usually seen as a signal that the crowd is skeptical about the asset and is getting rid of their holdings.

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About the author

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.