Shiba Inu (SHIB) Whale Ownership Surges as Price Consolidates
Shiba Inu (SHIB), the second-largest memecoin, is showcasing a rare on-chain metric with respect to its precise token distribution between retail and whale holders respectively.
Shiba Inu Whales Wins the Day
Data from the crypto analytics platform IntoTheBlock (ITB) shows that the current SHIB circulating supply is owned by 63.48% of market whales. Of the 12 largest whale holders, one address stands out as it controls as much as 41.78% of the total or 410.36 trillion Shiba Inu.
Shiba Inu whale holders play a very pivotal role in helping the memecoin maintain its balance in the advent of massive sales from retail holders and investors. The ITB data also reveal that 22.31% or 219.16 trillion SHIB in circulation is controlled by retail holders while 14.2% or 139.5 trillion SHIB is held by active investors.
The SHIB distribution underscores the store of wealth within the memecoin ecosystem in its attempt to certify its leaning toward decentralization. Besides the largest wallet that accounts for up to 41% of the total circulating supply, the distribution of SHIB is arguably widespread.
The ITB data also shows the consistency in the support for SHIB by whales as only this class of investor has seen a surge in concentration over the past 30 days. Compared to its 1.59% uptick in total accumulation in this time span, retail accumulation dropped by 1.09% while investor stacking slumped as high as 4.98% at the time of writing.
SHIB Price Outlook
The present state of SHIB token holders has placed the memecoin’s price in a consolidation position overall. At the time of writing, Shiba Inu is changing hands at a price of $0.000007019, down by 0.40% in the past 24 hours.
This reversal is mild considering the rout most altcoins have recorded in recent times. Shiba Inu remains on a positive pedestal as judged by its current trading volume which according to on-chain data is up by 38.52% with a total of $98,728,338 SHIB traded overnight.
Shiba Inu remains a highly attractive token per its low cost and the positivity surrounding Shibarium, its Layer-2 scaling solution.
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