On-chain data from the Shiba Inu Network (SHIB) reveals that a small number of whales control a large portion of all SHIB tokens. The data shows that five addresses own a whopping 57% of all SHIB coins, amounting to a total of 565 trillion tokens worth almost $7.3 billion.
According to some cryptocurrency analysts, this high concentration poses a potential risk. The influence of these large holders can lead to price manipulation or even major crashes, which causes concern among SHIB owners.
Concerns about whales and their influence on the market
The dominance of SHIB whales is an understandable concern for investors. If these large addresses decide to sell their positions, hundreds of millions, or even billions of dollars, of SHIB tokens could be put on the market. This could cause a significant course correction.
For the time being, however, the sales activity of these whales seems to be going well. On-chain data shows that activity from these addresses has decreased by 31% in the last seven days. This may indicate that major sales remain limited at this time.
Important price levels for SHIB
SHIB stock currently continues to battle with a resistance level at $0.000022, which is a key target for investors to keep an eye on. A break above this line could indicate renewed bullish momentum.
On the other hand, the $0.000021 mark acts as a crucial support level. Earlier in the day, the price briefly fell below this level, but the recovery followed quickly.
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Source: https://newsbit.nl/shiba-inu-shib-slechts-vijf-whales-bezitten-57-van-alle-tokens/
