Approximately five whale wallets currently hold a staggering 57% of the total Shiba Inu supply, equating to around 565 trillion SHIB tokens. This shift in the distribution pattern on the blockchain is intriguing regarding the evolution of Shiba Inu’s market movements. The concentration of wealth among a limited number of investors is sparking concerns as we approach periods of possible market turbulence.
It’s clear that the Shiba Inu token distribution has a distinct split between addresses with high and low activity. One prominent high-activity wallet controls about 41.7% of the entire supply. Predicting short-term price fluctuations relies on observing the behavior of these active wallets. However, this concentration may increase market volatility due to the centralization.
To add, the latest data from on-chain transactions shows a substantial drop of 31% in large holder withdrawals over the past week. This decline could imply reduced selling pressure among whales, potentially benefiting price stability. However, as Shiba Inu (SHIB) approaches its 200 EMA support at approximately $0.00002079, there has been a 53% increase in incoming transactions from larger investors, suggesting accumulation activity.
The uncertainty displayed in this technical diagram is mirrored by SHIB’s current market situation. After falling below its 50 and 100 Exponential Moving Averages (EMAs), the 200 EMA now serves as a pivotal level of potential support. However, bullish efforts to reclaim resistance at $0.00002250 and $0.00002325 continue to meet challenges. If SHIB fails to maintain its position here, it might slide towards $0.00001900. The recent influx of funds suggests that strategic investors are showing increased interest in capitalizing on lower prices amid the generally bearish market sentiment.
SHIB coin may be easily influenced by large transactions due to its centralized holdings, making it susceptible to sudden changes by ‘whales’. In the near future, the price level around $0.00002079 might be crucial to monitor as a potential support point. If this area is successfully defended for an extended period along with increased inflows, there’s a chance for a recovery. However, given the market heavily relies on a few wallets, it’s important to exercise caution because rapid volatility could reoccur.
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2025-01-09 17:21