As a seasoned crypto investor who has navigated through the volatile waters of the digital asset market for years now, I have learned to read between the lines and decipher patterns that may not be apparent at first glance. The current trajectory of Shiba Inu (SHIB) intrigues me, especially considering the significant concentration of addresses holding SHIB within a narrow price range.
Looking at the path of the Shiba Inu token’s price, it appears to have significant growth potential, as suggested by the 435 trillion Shiba Inu group. According to on-chain analysis, the addresses that are most active with SHIB hold it within a tight range of $0.000016 and $0.000017, which forms this cluster.
Predicting potential price fluctuations in the near term involves recognizing that a small number of addresses hold over 71% of the total Shiba Inu tokens. It’s also important to note that more than half of SHIB holders are currently making a profit with their holdings, as per the profitability group.
If the price rises just a bit from its current level, many investors stand to make a profit. This motivation to realize their gains might lead to increased buying activity. However, if a large number of these investors decide to sell, there’s a risk of price stability issues due to high concentration in this particular price range.
A significantly high volume of transactions (more than 5%, which often signals institutional or whale activity) might boost Shiba Inu‘s price in the coming days. Such significant transaction activity tends to precede a market breakout or shift in sentiment. Moreover, as per on-chain data, approximately 73% of SHIB is controlled by a select group of influential investors.
Based on their behavior, the price fluctuations may either become more intense or lessen. Should these major investors maintain or boost their holdings, Shiba Inu (SHIB) could find the necessary backing to challenge stronger resistance points.
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2024-10-09 15:40