Recent data on Shiba Inu whale dominance indicates a significant increase in their influence on the market, with 74% of the total supply.
Whale Accumulations of Shiba Inu
Whale dominance of Shiba Inu has reached 74%, with large investors accumulating approximately $70 million, indicating significant asset concentration. Five trillion SHIB were reportedly transferred from Coinbase Institutional to an unknown wallet.
Market Impact and Potential Volatility
The high concentration of SHIB among whales pertains to potential volatility, as their trading activity can significantly influence prices. "Whales were the majority holders of SHIB at 74%." — Sentora, on-chain data analytics provider.
Future of SHIB and the Cryptocurrency Market
Analysis indicates that increased whale concentration often precedes volatile price shifts. With rising retail demand expected during a potential altcoin season, price rallies and recoveries for SHIB could occur.
The concentration of assets among Shiba Inu whales highlights both risks and opportunities in the market, requiring careful monitoring of developments in the cryptocurrency space.
