Shiba

Based

Major

Shiba Inu

Trillion

<figure> 
 <figcaption>
 Cover image via <a href="https://u.today/">U.Today</a>
 </figcaption> 
</figure>
Considering the trajectory of the token's price, the 435 trillion <a href="https://u.today/shib-burns-collapse-while-shiba-inu-plunges-46">Shiba Inu</a> cluster has substantial potential. Based on the on-chain data the most active addresses hold SHIB between $0.000016 and $0.000017 and the cluster forms around this narrow range.
Understanding how the price might move in the near future depends on recognizing that this small concentration of addresses makes up more than 71% of the entire Shiba Inu supply. Over 50% of <a href="https://u.today/shiba-inu-shib-skyrockets-109-in-activity-amid-229-million-market-sell-off">SHIB</a> holders are still in the money at the current price, according to the profitability cluster.&nbsp;
<img alt="SHIBUSDT" data-entity-type="file" data-entity-uuid="67e37c06-f959-405e-b553-4332f358cb57" src="https://u.today/sites/default/files/inline-images/image_1295.png"><a href="https://www.tradingview.com/">SHIB/USDT Chart by TradingView</a>
That means a lot of investors could profit if the price increases even slightly from where it is now. The desire of these holders to lock in gains by driving the price higher could result in further buying pressure. In the event that a sizable portion of investors choose to cash out there is a risk of price stagnation due to the significant concentration at this specific range.
Positively a high transaction volume (beyond 5% bullish) may indicate institutional or whale activity, which could support <a href="https://u.today/3-trillion-shiba-inu-shib-in-24-hours-whales-waking-up-again">SHIB's</a> price in the near future. Major transaction activity like this frequently comes before a breakout or a change in the mood of the market. Furthermore, according to on-chain data, 73% of SHIB is held by a small number of powerful investors.
Depending on their actions, this could either increase or decrease price volatility. It might give SHIB the support it needs to test higher resistance levels if these big investors stick with their positions or raise their stakes.

435 Trillion Shiba Inu (SHIB) Cluster: What Can Happen There?

U_Today

Other articles published on Oct 9, 2024

ABDS Token Receives Top CertiK Badge for KYC

Can Memecoins Drive Crypto Market Growth?

Dragonz Lab Raises $9M Led by Syndicate Capital to Boost Dragonz Land Ecosystem

FTX Hearing Set for October 7: Key Details on the Payout Process

The Early Bird Catches the Worm, Crypto Whales Rush to Lunex Network

5 Reasons Why You Should Look at Ethereum Price Today

Join our free newsletter for daily crypto updates!