In a notable show of investor confidence, Shiba Inu [SHIB] has witnessed the accumulation of 1.71 trillion SHIB tokens in a single day. This large purchase follows a successful breakout past the crucial resistance level of $0.000025. This further positions SHIB for potential gains. At press time, SHIB traded at $0.000026 with a 2% daily surge.
As the second-largest meme coin, SHIB has a market cap of $15.11 billion. A 35% spike aids this growth in trading volume. This increase in activity and price indicates a potential rally toward $0.00003 or even $0.00005. However, it is pertinent for SHIB to remain above its latest support level.
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Mid-Sized Investors Lead Accumulation
Data from blockchain analytics firm IntoTheBlock reveals that mid-sized investors, those holding between 0.1% and 1% of SHIB’s circulating supply are driving the latest buying spree. This group acquired over 1.71 trillion SHIB tokens in one day. This further coincides with a 9% price surge.
The ‘Historical Concentration’ metric on IntoTheBlock categories Shiba Inu addresses whales [holding more than 1% of the supply], mid-sized investors [0.1%-1%], and retail players [less than 0.1%]. Since late February, interest in Shiba Ina has surged, with mid-sized investors accumulating more tokens from both whales and retail players. By May 19, mid-sized investors held a total of 136.32 trillion SHIB, making up 13.91% of the total supply valued at $3.43 billion. By May 20, their holdings had increased to 138.03 trillion SHIB, or 14.09% of the supply, marking a significant one-day acquisition of 1.71 trillion SHIB.
This trend further highlights the differing market sentiments among investor groups. While mid-sized investors are increasing their holdings in anticipation of future price rises, whales and retail players are reducing theirs. Specifically, whales’ cumulative balance dropped by 270 billion SHIB to 580.05 trillion, and retail addresses decreased their holdings by 1.45 trillion tokens to 261.63 trillion.
As Shiba Inu navigates the volatile cryptocurrency market, the actions of its diverse investor base will significantly influence its price trajectory. For now, the substantial accumulation by mid-sized investors underscores growing confidence in SHIB’s potential for significant returns.
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