Shiba Inu and some other altcoins have experienced a sudden price surge following the recovery of the crypto market. The digital token SHIB managed to gain 7.5% on the daily peak. Although retail traders continue to buy the digital asset, whales that control 26% of SHIB total supply have accrued profit up to $100 million.
According to WhaleStats, the tracker of the top 1000 Ethereum whales, Shiba Inu whales currently control 26% of the total supply.
It’s worth noting that exchange and company-related addresses are not being counted by the tracker, which gives room for determining the true percentage of large holders on-chain.
Could This Be Bullish For Shiba Inu (SHIB)?
With the increase in the number of whales, assets are liable to lose the volatility that was present when the market is dominated by short-term speculators.
As the holders’ composition suggested, Shiba Inu is currently considered a mid-term asset with the majority of holders entering the asset at least six months ago.
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Also, whenever whales hold a large share of the market, its correction tends to stop as large wallets are continuously hodling the digital token instead of selling it. Large selling volumes usually appear at the end of bullish rallies, where retail buying power exceeds unrealized losses that then turn into unrealized profits.
The accumulation of Shiba Inu by whales started when the token lost almost 30% of its value in days after reaching its price all-time high. Whales have bought up to $300 million worth of SHIB in a matter of days, and there is no sign of slowing down.
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