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The dog-themed cryptocurrency Shiba Inu is showing an increase in whale dominance. According to IntoTheBlock data, Shiba Inu concentration by large holders is now 74%.
Large holders — often referred to as "whales" — are addresses that own at least 1% of the circulating supply or have consistently held significant amounts of the token.
An increase in whale concentration might depict large investments in a crypto asset, while an increase in retail investors’ concentration typically occurs during frenzy phases.
A high concentration of whales might be a sign that a few players bought significant amounts of Shiba Inu, most likely expecting it to increase in value. In this case, a few whales bet aggressively on Shiba Inu, and the increase in whales’ ownership can be seen as a sign of high conviction, with serious money invested.
Some of these large holders might be exchanges holding billions of $SHIB, for holders, as IntoTheBlock ownership indicators do not differentiate regular addresses from exchanges and smart contract addresses.
Shiba Inu hodlers now at 79%
According to IntoTheBlock data, Shiba Inu hodlers, who are considered long-term investors and have held the asset for at least a year, now account for 79%.
Shiba Inu has added additional use cases, including Shibarium, which likely played a key role in the sustained growth of hodlers, as these long-term addresses may want to keep their holdings to benefit from these applications.
At the time of writing, $SHIB was recently trading at $0.00001405 following a sell-off in the past week. Shiba Inu fell for four days in a row, reaching a low of $0.00001299 before recovering. The price then reached $0.00001411, settling into a tight range between $0.00001392 and $0.00001422.
Shiba Inu remains trapped between its moving averages, with the next major resistance at the daily SMA 200 at $0.00001427 and support at $0.00001265, which corresponds to the daily SMA 50. The next decisive move for Shiba Inu will be either a break up or down these levels.