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Title: 120,000,000,000,000 Shiba Inu (SHIB): Whales Taking Full Control
Shiba Inu has recently entered a crucial stage as on-chain data reveals that whales have started to regain their control over the token’s supply. According to recent statistics, only 46 high-activity addresses currently hold an astonishing 120 trillion SHIB, which accounts for approximately 12.3% of the total supply in circulation.
The concentration of this amount is not harmless and typically marks the beginning of a significant price shift in one direction or another. This development raises concerns as it may lead to a dramatic correction or even further consolidation.
SHIB has been struggling to break out of its multi-month downward trend, consistently falling short of breaking above its 200-day moving average, which currently stands at approximately $0.0000145. Following a brief price surge through this important resistance last week that was swiftly rejected, SHIB returned below $0.0000135.
This swift rejection highlights the massive amount of available overhead supply that remains as sellers are still eager to capitalize on any attempts at a rally. Despite the recent price increase, it is crucial for investors and traders alike to be aware of these developments and prepare accordingly.
Interestingly, large holder inflows have skyrocketed in the last seven days (+538%), which marks an extraordinary surge in whale accumulation compared to the 32% drop over the previous month. Contrary to this, outflows have increased by more than 6,000% in a single week but are still down 86% month-over-month, indicating that many big players are shifting positions rather than stopping completely.
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Source: u.today
