In a remarkable display of market activity, Shiba Inu (SHIB) investors holding between 0.1% and 1% of SHIB’s circulating supply acquired over 1.71 trillion tokens in a single day. This substantial procurement occurred against the backdrop of a 9% price spike, according to on-chain data sourced by blockchain analytics resource IntoTheBlock.
Shiba Inu has seen a surge in interest from market participants since late February. However, the influx appears to be driven by smaller investors rather than whales. IntoTheBlock’s “Historical Concentration” metric, which tracks the holdings of three distinct Shiba Inu address cohorts, highlights this trend. The data reveals that while whales (holding more than 1% of the supply) and retail players (holding less than 0.1%) have been distributing their tokens, mid-sized investors have been accumulating them.
As of May 19, these mid-sized investors held a cumulative balance of 136.32 trillion SHIB, equivalent to 13.91% of Shiba Inu’s supply. The following day, their balance surged to 138.03 trillion SHIB, representing 14.09% of the supply, marking an addition of 1.71 trillion tokens in just 24 hours.
Conversely, whale holdings decreased by 270 billion SHIB to 580.05 trillion, while retail investors reduced their balances by 1.45 trillion SHIB to 261.63 trillion. This divergence in market sentiment suggests that mid-sized investors are bullish on Shiba Inu’s future, while whales and retail investors are capitalizing on the recent price uptick to realize profits.
Shiba Inu Hits Highest Daily Increase in Four Days
The 9% intraday gain on May 19, noted by local media, was SHIB’s highest daily increase in four days, rekindling investor interest. This renewed enthusiasm drove a 109% surge in trading volume to $709 million on May 20, per CoinMarketCap data. The increased volume likely resulted from the accumulation by mid-sized investors and the distribution by whales and retail players.
On May 21, CryptoQuant data indicated a massive net inflow of 574 billion SHIB to exchanges, the largest since February 27. Despite this selling pressure, Shiba Inu has shown resilience, previously spiking to $0.000045 in early March following significant token accumulation.
Currently, Shiba Inu trades at $0.00002522, having slightly retreated from its recent highs. However, with market dynamics suggesting ongoing interest and strategic accumulation by investors, projections hint at a potential rise to $0.00051, underscoring the volatile yet promising nature of Shiba Inu.