Shiba Inu Surges 3.618% Amid Whale Accumulation and Network Activity

Shiba Inu's latest price was $0.00001369, up 3.618% in the last 24 hours. Shiba Inu has been gaining attention in the cryptocurrency market, with analysts suggesting that the asset may be on the verge of a significant trend reversal. Crypto analyst Cantonese Cat noted a drastic decline in sell pressure on Shiba Inu, indicating that holders are not offloading their positions and that minimal upward momentum from buyers could break the bearish grip that has restrained SHIB’s price for months.

Despite a prolonged downtrend since March 2024, recent patterns in whale accumulation suggest that conditions may be aligning in favor of a stronger price recovery. On July 10, on-chain data showed that major Shiba Inu holders, those controlling at least 0.1% of the total supply, purchased 1.81 trillion SHIB tokens, representing a 422% increase in accumulation compared to the previous day and a 1,247% rise from one month earlier. This surge in buying coincided with SHIB surpassing a certain threshold for the first time in nearly a month, suggesting ongoing accumulation.

Shiba Inu’s on-chain dynamics reveal a striking concentration of tokens within a single wallet, underscoring the influence of large holders on the token’s market behavior. One wallet commands an extraordinary 410,043,000,000,000 SHIB tokens, representing approximately 41.04% of the total circulating supply. This figure is drawn from a community of 1.46 million active addresses, illustrating a stark imbalance in token distribution. The dominance of a single wallet in Shiba Inu’s ecosystem introduces significant concerns regarding market manipulation and price stability. Large holders, often referred to as whales, can impact liquidity and price swings through strategic token movements.

Industry analysts emphasize that while whales can provide market support during downturns, their actions might also trigger sharp price corrections. The lack of transparency about the whale’s identity fuels speculation, with some suggesting it could be a centralized exchange or an early adopter with substantial holdings. Market participants and crypto analysts have debated the possible identity behind this colossal SHIB wallet. Theories range from early investors who accumulated large amounts during SHIB’s initial phases to centralized exchanges holding tokens on behalf of users, or the pseudonymous founder Ryoshi, who may retain significant reserves in undisclosed wallets. Such speculation affects investor confidence, as uncertainty about the whale’s intentions may lead to cautious trading behavior. Transparency remains a key factor in fostering trust within the Shiba Inu community and broader crypto markets.

On-Chain data as a tool for monitoring SHIB’s market health, platforms like IntoTheBlock provide valuable insights into wallet distributions and token flows, enabling investors to assess concentration risks and market sentiment. Continuous monitoring of on-chain data helps identify potential red flags and informs strategic decision-making for traders and institutional investors alike. As Shiba Inu continues to evolve, leveraging these analytical tools will be essential for maintaining a balanced ecosystem and mitigating risks associated with whale dominance.

Shiba Inu’s recent dip tests a major support level with 99 trillion tokens held near a certain threshold, signaling potential stability amid crypto market profit-taking. Shiba Inu’s recent price decline has brought it to a crucial support level, where approximately 99.75 trillion SHIB tokens are held by over 325,000 addresses at an average cost basis, according to IntoTheBlock data. This concentration of holdings creates a formidable demand zone, often referred to as an “in-the-money” area, which could stabilize prices.

Shiba Inu’s ecosystem demonstrates ongoing activity and development focus. Token burns remain a prominent mechanism, with over $1 billion worth of SHIB tokens permanently removed from circulation. While often discussed in relation to long-term value aspirations, the sheer scale of these burns signifies a significant ongoing effort by the community and project contributors to manage the token supply.

Network utilization metrics highlight increased on-chain activity. Observers report a substantial 350% surge in the average size of transactions occurring on the Shiba Inu network. This notable increase suggests a heightened level of user engagement and potentially signals accumulating interest among participants interacting directly with the token ecosystem, shifting focus towards underlying network usage.

Significant whale activity continues to shape the token's landscape. Recent data indicates a concentrated accumulation phase, with large holders collectively acquiring over 1.28 trillion SHIB tokens within a mere 48-hour window. Concurrently, large transaction volume witnessed a sharp decline of 50% over the past week, dropping significantly from previous highs. Furthermore, the circulating supply of SHIB held on cryptocurrency exchanges has dwindled to a new record low of 83.4 trillion tokens, suggesting reduced immediate selling pressure.

The derivatives market reflects this activity, with Shiba Inu futures open interest experiencing a noticeable 10% increase, representing approximately $17 million in new capital commitments, reaching levels last seen in early June. Developments within the ecosystem itself persist, including gradual progress on Shibarium, its Layer 2 scaling solution aimed at enhancing transaction speed and reducing costs. Overall, market analysts note these combined factors – supply reduction, increased whale accumulation, lower exchange supply, and network activity surges – alongside favorable macroeconomic tailwinds and general altcoin momentum, as contributing to a context where observers see potential for increased network relevance, though significant market dynamics naturally remain in play.