According to analytics company IntoTheBlock, significant investors of Shiba Inu, sometimes known as “whales,” have amassed around $100 million worth of the cryptocurrency during the last week.
According to information from CoinGecko, the market cap of Shiba Inu is now $4.47 billion at a price of $0.00000759.
Catalysts on horizon
Shibarium Layer 2, the token’s freshly introduced solution, has just reached one million transactions and wallets, showing more activity and use case scenarios, thus the spotlight on Shiba Inu is not wholly unexpected.
Shiba Inu’s price has remained relatively stable despite this big milestone and the vast collection by whales, a situation that is primarily ascribed to problems with the wider crypto market.
Shibarium’s performance and the extensive purchase by substantial holders, however, may prove to be major drivers for future price movement, attracting the interest of both retail and institutional investors.
Big holders, big risks
11 whales control a startling 62.48% of the whole SHIB supply, or 613.85 trillion SHIB, according to ownership concentration data. On the opposite end of the scale, a larger group of 48 investors has 145.69 trillion SHIB, or around 14.83% of the total.
The asset is heavily influenced by a small group of investors, making the meme currency susceptible to huge sell-offs should these whales decide to cash out.
Although it is important to note that the 30-day change has experienced a decrease of 10.08%, the significant holder inflow during the previous week has soared by 1,512.63%.
