Shiba Inu (SHIB), one of the largest memecoins, has revealed a rare on-chain metric related to its token distribution, showcasing a significant presence of market whales.

Whales Take Center Stage

According to data from the crypto analytics platform IntoTheBlock (ITB), a substantial portion of the SHIB circulating supply is in the hands of whales, accounting for approximately 63.48% of the market.

Additionally, among the 12 largest whale holders, one address stands out, controlling a remarkable 41.78% of the total supply, equivalent to 410.36 trillion Shiba Inu tokens.

Retail and Investor Holdings

In contrast, 22.31% (approximately 219.16 trillion SHIB) of the circulating supply is controlled by retail holders, while active investors hold 14.2% (approximately 139.5 trillion SHIB).

Furthermore, this distribution of SHIB tokens underscores the coin’s attempt to balance decentralization and maintain a store of wealth within its ecosystem. Although a single wallet dominates a significant share of the supply, SHIB distribution remains relatively widespread.

Whale Support and Recent Trends

ITB data reveals that whales have shown consistent support for SHIB, with their total accumulation increasing by 1.59% in the past 30 days. In contrast, retail accumulation has decreased by 1.09%, while investor stacking has dropped by as much as 4.98% at the time of writing.

Shiba Inu (SHIB) Price and Outlook

The current distribution of SHIB tokens has placed the memecoin in a consolidation position. At the time of writing, Shiba Inu is trading at a price of $0.000007019, experiencing a mild 0.40% decrease in the past 24 hours.

This minor correction is relatively modest compared to the significant declines experienced by many other altcoins recently. Moreover, SHIB maintains its attractiveness due to its low cost and the optimism surrounding Shibarium, its Layer-2 scaling solution.

Additionally, SHIB has recorded a 38.52% increase in trading volume, with a total of $98,728,338 SHIB traded overnight, reflecting the ongoing interest in this memecoin.

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Tanishi is an established writer in the realm of cryptocurrency and blockchain, renowned for her expertise and insightful analysis. With a deep-rooted passion for the dynamic world of digital finance, Tanishi delivers compelling news and articles that captivate a wide-ranging audience.