Shiba Inu: 74% Held by Large Addresses, Transaction Volume Reaches $120.46M in 7 Days
- Shiba Inu is essentially under the control of whales, as they control about 74% of the supply of the coin in circulation.
- Over $120 million in large transactions in a week is a good indication of ongoing interest in SHIB from high-value buyers.
- Whale involvement is beneficial in terms of market activity, but it also creates risk, as sudden sell-offs can lead to sharp and unwanted price drops.
Shiba Inu (SHIB), one of the most renowned meme coins in the crypto sphere, has drawn lots of attention lately, especially from large token holders. Out of the 95 billion SHIB supply circulating, recent data from the blockchain tracking tool, IntoTheBlock, shows that close to 74 percent is held by large addresses, or whales.
Source: IntoTheBlock
Such a high concentration means there are still a few big players who are influencing the Shiba Inu ecosystem. This is viewed as a confidence signal. However, the whales still have the ability to significantly impact the price negatively if they choose to sell their assets.
Whale Activity: $120M Weekly Volume is Driving Shiba Inus Volume
The transaction volume of SHIB has also been fairly high in the past week. The volume of large transactions (greater than $100,000) has now exceeded $120.46 million during this period. Usually, the volume of transactions signifies how much institutional or whale-level movement is occurring on the platform.
Source: IntoTheBlock
As for Shiba Inu, despite the fact that its price isnt currently seeing any large surges (as SHIB currently sits at $0.00001226 with a less than 1% daily change), the rise in transaction volume indicates that various activities are happening.
Whale Dominance Indicates Stability
A token that has a 74 percent concentration of large holders and has achieved $120.46 million worth of recent transaction volume shows its indeed an asset currently monitored heavily by large-scale investors. This kind of activity could be reassuring to retail traders, small individual investors who tend to trade less significant sums.
However, it also comes with some risk. If these large holders suddenly change their positions, then any change in SHIBs price would be very quick and sharp.
Read more: https://www.tronweekly.com/shiba-inu-74-by-large-addresses-high-volume/
Text source: TronWeekly
