Shiba Inu Cryptocurrency Update

The dog-themed cryptocurrency Shiba Inu is showing an increase in whale dominance. According to IntoTheBlock data, the concentration of Shiba Inu held 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 indicate large investments in a crypto asset, while an increase in retail investors’ concentration typically occurs during frenzy phases.

A high concentration of whales may signify that a few players bought significant amounts of Shiba Inu, likely expecting its value to increase. This aggressive betting on Shiba Inu suggests a high conviction, with serious money being invested.

Some of these large holders may be exchanges holding billions of SHIB. It is important to note that IntoTheBlock ownership indicators do not differentiate between regular addresses, exchanges, and smart contract addresses.

Shiba Inu Hodlers Now at 79%

According to IntoTheBlock data, Shiba Inu hodlers—considered long-term investors who have held the asset for at least a year—now account for 79%.

Shiba Inu has added additional use cases, including Shibarium, which likely plays a key role in the sustained growth of hodlers. 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 consecutive days, reaching a low of $0.00001299 before recovering. The price then reached $0.00001411, stabilizing in a tight range between $0.00001392 and $0.00001422.

Shiba Inu remains caught between its moving averages, with the next major resistance at the daily SMA 200 at $0.00001427 and support at $0.00001265, corresponding to the daily SMA 50. The next decisive move for Shiba Inu will be either a breakout up or down through these levels.