Shiba Inu Price Could Double as Large Holder Concentration Hits 73%

Shiba Inu price, a meme-based cryptocurrency, surged 60% over the past month, capturing significant market attention. Despite minor pullbacks, SHIB maintains a strong bullish trajectory, signaling potential for further growth in 2024. Large holder concentration at 73% underpins this momentum, suggesting robust investor confidence. 

Shiba Inu Price Breakout to Trigger 100% Rally

Shiba Inu price shows signs of significant price compression, hinting at a potential breakout. Analysts point to the formation of a tightening price pattern, with increasing bullish momentum suggesting the possibility of a sharp upward movement.

The current price action indicates that SHIB is forming an ascending triangle pattern, a bullish continuation signal. This pattern, characterized by rising support levels and a horizontal resistance line, often precedes major price movements. 

At the time of writting, the SHIB price is trading at $0.0000298, with a slight decrease of 7% in the past 24-hours. However, the SHIB has been up by 5% over the past week.

If the bullish momentum intensifies and Shiba Inu price prediction successfully breaks the resistance level, analysts project the potential for a rally of up to 100%. This forecast is supported by a surge in other crypto markets, meme popularity, SHIB burn, and the whole SHIB ecosystem

SHIB Large Holder Concentration Grows

The insights into SHIB reveal significant trends in largeholder concentration and investor activity. According to the data, whale wallets own more than 1% of the circulating supply, and investors between 0.1% and 1% control a substantial 73% of SHIB’s circulating supply. Whales dominate this segment, holding 59.03%, equivalent to 580.98 trillion SHIB. On the other hand, investors contribute 14.19% to the total, accounting for 139.63 trillion SHIB.

Metrics indicating profitability among holders are also telling. Currently, 74% of SHIB holders are “in the money,” signifying they are profiting at the current price levels. Meanwhile, 17% are “out of the money,” incurring losses based on the current valuation, and the remaining 9% are breaking even. These figures highlight a positive outlook for SHIB holders amid current market dynamics.

Source: IntoTheBlock

An analysis of holders’ commitment reveals that the majority are long-term investors. About 76% of SHIB holders have retained their holdings for over a year, suggesting a strong belief in the token’s long-term potential. Additionally, 18% of holders have maintained their positions for 1-12 months, while a smaller 6% have held SHIB for less than a month, likely reflecting newer entrants into the ecosystem.

Other metrics showcase transactional and market dynamics. Over the past week, transactions exceeding $100,000 amounted to $2.16 billion, underscoring strong activity among large holders. 

Source: IntoTheBlock

Shiba Inu’s current market trends reflect growing confidence among large holders, with significant whale activity and a bullish outlook. With strong investor commitment and promising technical patterns, the meme coin is poised for potential growth in 2024

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Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.