The dog-themed cryptocurrency Shiba Inu is exhibiting a significant rise in whale dominance, emphasizing the interest in this asset.
Rise of Whale Dominance
According to IntoTheBlock data, the concentration of Shiba Inu among large holders, or 'whales', has increased to 74%. These addresses control at least 1% of the circulating supply or have consistently held significant amounts of the token. An increase in whale concentration may indicate significant investments in an asset, while an increase in retail investors typically occurs during periods of asset attraction.
Long-term Shiba Inu Holders
Data from IntoTheBlock shows that long-term Shiba Inu holders, who have held the asset for over a year, now account for 79%. The increase in long-term investors may be linked to new use cases for the token, such as Shibarium, which attract attention and motivate investors to keep their holdings.
Shiba Inu Price Analysis
At the time of writing, SHIB was trading at $0.00001405 after a sell-off last week where the token dropped to $0.00001299. The price later rose and stabilized between $0.00001392 and $0.00001422. Shiba Inu is currently trapped between moving averages, with resistance at $0.00001427 and support at $0.00001265, indicating a potential upcoming volatility in price.
Thus, the observed increase in whale dominance and the growth of long-term investors highlight the growing interest in Shiba Inu, which may influence its future market dynamics.
