Shiba Inu (SHIB) has witnessed a notable shift in ownership trends despite its price fluctuations. Data indicates that the number of SHIB addresses holding at least $1 million surged from 589 to 947 in just one year. This marks a significant increase of 358 millionaire holders, suggesting growing interest from larger investors.
Meanwhile, addresses holding over $10 million in Shiba Inu rose from 59 to 69. The increase in these high-value holdings suggests potential accumulation by whales and institutional players. While SHIB’s price remains volatile, the increased presence of major holders may signal confidence in the token’s long-term prospects.
SHIB Down 26% in a Month but Shows Signs of Recovery
SHIB’s price has faced challenges over the past few weeks, dropping more than 26% in the last month. However, the cryptocurrency is currently trading at $0.00001539, with a recovery of 2% in the last 24 hours, indicating ongoing buying interest. The token’s long-term holder base has also expanded, with investors holding for over a year increasing by 1.29%.
Simultaneously, mid-term holders (1-12 months) increased by 11.79%, while short-term speculators decreased sharply by 59.05%. This reflects a trend towards speculative buying over the short term versus a trend towards long-term holding.
Ownership distribution patterns also confirm this trend. Whale holdings increased by 0.54% during the recent 30 days, while mid-sized investors dropped by 0.58%. Even retail investors saw a decline of 0.85%. These trends reflect larger players buying and smaller investors selling.
Shiba Inu (SHIB) Eyes Resistance at $0.00001718
Shiba Inu recently bounced from its primary support level around $0.00001290-$0.00001400. Currently, the price is fluctuating in the form of a descending wedge, from which a breakout is generally observed to the upside.
If SHIB can breach the $0.00001718 level of resistance, this could initiate a rally towards $0.00002011. Another level of resistance is at $0.00002415, where the token’s next direction could depend. Technical indicators confirm the potential for a breakout.
According to Tradingview, the Relative Strength Index (RSI) is at 51, indicating neutral territory. A move above this could signal renewed bullish momentum. However, failure to maintain key support levels may lead to another dip, delaying a breakout attempt.
Source: Tradingview
Retail Sentiment Remains Bearish
Despite the rising holdings by whales, retail investors’ sentiments are bearish. Statistics from IntotheBlock indicate that 76.85% of SHIB holders are currently at a loss, and only 16.48% are profitable.
Source: IntotheBlock
This imbalance suggests that a rising price could introduce greater selling pressure as investors may sell their holdings to break even. Meanwhile, SHIB’s burn rate is high, depleting supply and potentially establishing scarcity.
If this trend continues, it will lay the groundwork for long-term price increases. However, the token’s potential for momentum will also depend on broader market forces, including Bitcoin’s direction and macroeconomic factors.
Shiba Inu remains a key player in the meme coin space, but its short-term outlook hinges on breaking key resistance levels. If accumulation among whales persists, SHIB could see a strong rebound.