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The dog-themed cryptocurrency Shiba Inu is showing an increase in whale dominance. According to IntoTheBlock data, Shiba Inu concentration by large holders is now 74%.
Large holders — often referred to as "whales" — are addresses that own at least 1% of the circulating supply or have consistently held significant amounts of the token.
An increase in whale concentration might depict large investments in a crypto asset, while an increase in retail investors’ concentration typically occurs during frenzy phases.
A high concentration of whales might be a sign that a few players bought significant amounts of Shiba Inu, most likely expecting it to increase in value. In this case, a few whales bet aggressively on Shiba Inu, and the increase in whales’ ownership can be seen as a sign of high conviction, with serious money invested.
Some of these large holders might be exchanges holding billions of SHIB, for holders, as IntoTheBlock ownership indicators do not differentiate regular addresses from exchanges and smart contract addresses.
Shiba Inu hodlers now at 79%
According to IntoTheBlock data, Shiba Inu hodlers, who are considered long-term investors and have held the asset for at least a year, now account for 79%.
Shiba Inu has added additional use cases, including Shibarium, which likely played a key role in the sustained growth of hodlers, as these long-term addresses may want to keep their holdings to benefit from these applications.
At the time of writing, SHIB was recently trading at $0.00001405 following a sell-off in the past week. Shiba Inu fell for four days in a row, reaching a low of $0.00001299 before recovering. The price then reached $0.00001411, settling into a tight range between $0.00001392 and $0.00001422.
Shiba Inu remains trapped between its moving averages, with the next major resistance at the daily SMA 200 at $0.00001427 and support at $0.00001265, which corresponds to the daily SMA 50. The next decisive move for Shiba Inu will be either a break up or down these levels.
Vladislav Sopov
U.Today Editorial Team