Shiba Inu’s millionaire addresses increased by 358 over the past year, indicating strong accumulation.Despite recent declines, SHIB’s price action suggests a potential breakout if key resistance levels are cleared.
Shiba Inu (SHIB) has seen a notable shift in ownership trends despite its price fluctuations. Data shows that the number of SHIB addresses holding at least $1 million surged from 589 to 947 in just a year. This marks a significant increase of 358 millionaire holders, hinting at growing interest from larger investors.
Meanwhile, addresses holding over $10 million in Shiba Inu climbed from 59 to 69. The rise 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 been going rough for a few weeks, dropping over 26% in the past month. However, the cryptocurrency is currently trading at $0.00001539, with a recovery of 2% in the last 24 hours, suggesting ongoing buying interest. The token’s long-term holder base has also grown, with investors holding for over a year increasing by 1.29%.
At the same time, mid-term holders (1-12 months) increased by 11.79%, whereas short-term speculators decreased sharply by 59.05%. This reflects the trend towards speculative buying over the short term versus the trend towards long-term holding.
Ownership distribution patterns also confirm this trend. Whale holdings increased by 0.54% during the recent 30 days, whereas mid-sized investors dropped by 0.58%. Even retail investors went back by 0.85%. These trends reflect bigger 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, the breakout from which is generally observed for the upside.
If SHIB can break the $0.00001718 level of resistance, this could start the rally towards $0.00002011. Another level of resistance is $0.00002415, where the next direction for the token could depend. Technical indicators verify the potential breakout.
According to Tradingview, the Relative Strength Index (RSI) sits at 51, neutral territory. A move above this could signal renewed bullish momentum. However, failure to hold key support levels may lead to another dip, delaying a breakout attempt.
Retail Sentiment Remains Bearish
Despite the whales’ rising holdings, retail investors’ sentiments are bearish. Statistics from IntotheBlock indicate that 76.85% of the SHIB holders are loss-makers, and only 16.48% are profitable.
This imbalance suggests the rising price can introduce greater selling pressure as the investors will sell their holdings to break even. Meanwhile, SHIB’s burn rate is high, depleting the supply and potentially establishing scarcity.
If the trend continues, it will lay the groundwork for long-term price increases. However, the token’s potential for momentum will also rely upon greater market forces, including the direction of Bitcoin and macro forces.
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 continues, SHIB could see a strong rebound.