August 2023 began with an unexpected increase in activity among major holders of Shiba Inu (SHIB), significantly affecting the market and the token's price.
Impact of Major Holders on SHIB Market
On August 1, wallets holding over 0.1% of SHIB's total supply received over 750 billion tokens. This event drew attention to the actions of major investors, as such spikes often occur near cycle lows. However, subsequent events did not meet expectations.
Current SHIB Price and Its Prospects
By August 4, total inflows of tokens amounted to 425.54 billion, but soon decreased significantly to just over 115 billion. The price of SHIB dropped by 73%, dampening the initial optimism generated by the activity of large holders. Currently, the price is hovering around $0.0000129 with stronger support at $0.00001107.
Brief Analysis of Major Investor Behavior
It is important to consider that not all major investors act as 'sharks' merely acquiring tokens at lows. Some operations may be linked to internal settlements, transfers between companies, or preparations for exchanges. In this case, the influx of tokens did not lead to the expected rally but instead preceded one of the sharpest pullbacks in months.
Thus, the activity of major SHIB holders in early August has led to uncertainty in the market and significant price declines. Future trends will depend on investors' actions and their strategies.
