Amid current market uncertainty, the distribution data of Shiba Inu (SHIB) tokens is drawing attention from analysts and investors.
Current Price and SHIB Volatility
SHIB is currently trading at $0.00001158, reflecting a 0.35% decline in the past 24 hours and an 8.31% decrease over the past week. The SHIB price has fluctuated within a narrow range between $0.00001142 and $0.00001229, indicating a period of low volatility and indecision in the market. Daily trading volume stands at $127.4 million, showing active interest despite short-term losses.
Token Concentration in Addresses
Data from IntoTheBlock shows that 128.99 trillion SHIB tokens, accounting for over 20% of the total supply of 589 trillion, are held by just 45 addresses. These addresses belong to investors who hold between 0.1% and 1% of the total token supply. However, the exact distribution and structure of these addresses remain unclear, as they may include both individual wallets and cold wallets of centralized exchanges.
Key Support and Resistance Levels
Analysts have identified key support and resistance levels for SHIB. The support level is around a $6.7 billion market cap, which previously held up during sell-offs, including in April 2024. Resistance is located near the $10 billion mark – in May 2024, SHIB struggled to overcome this level. A breakout above this resistance could act as a trigger for further upward momentum.
The concentration data of SHIB tokens and current volatility highlight the existing uncertainty in the cryptocurrency market. It's essential to consider key support and resistance levels that will dictate the token's future dynamics.
