In the past week, large holders of Shiba Inu, commonly known as "whales," have accumulated around $100 million worth of the cryptocurrency, according to analytics firm IntoTheBlock.
Shiba Inu's current price stands at $0.00000759 with a market cap of approximately $4.47 billion, according to data from CoinGecko.
Catalysts on horizon
The attention on Shiba Inu is not entirely surprising; the token's newly launched Shibarium Layer 2 solution has recently surpassed one million transactions and wallets, indicating heightened activity and use case scenarios.
Despite this significant milestone and the massive accumulation by whales, the price of Shiba Inu has yet to move substantially, a reality largely attributed to broader crypto market woes.
However, these two factors — the success of Shibarium and the large-scale buying by significant holders — could prove to be massive catalysts for future price action, capturing the attention of both retail and institutional investors.
Big holders, big risks
Data regarding ownership concentration shows that 11 whales hold a staggering 62.48% of the total SHIB supply, which translates to 613.85 trillion SHIB. On the other side of the spectrum, a broader pool of 48 investors holds about 14.83%, or 145.69 trillion SHIB.
A handful of investors have a significant say in the asset's direction, and it leaves the meme coin vulnerable to massive sell-offs should these whales decide to cash in.
Over the past week, large holder inflow has skyrocketed by 1,512.63%, though it is worth noting that the 30-day change has seen a dip of 10.08%.