The price performance of Shiba Inu recently indicates that it is still moving sideways around the $0.0000140 level. The 200 EMA is a strong overhead barrier, while the 100 EMA serves as a midlevel resistance trapping the price between them. With a relative strength index (RSI) of 52, there is not any directional momentum.
The low trading volume further suggests that the current price action of SHIB is more of a consolidation phase than a breakout setup. The worst part, though, is that SHIB has a highly skewed ownership structure. Data indicates that only six wallets hold approximately 585.7 trillion SHIB, or 59.5% of the entire circulating supply. In any market, that would be a huge whale dominance.
Conversely, 49 smaller investor addresses hold approximately 14.86% of the total supply, or 146 trillion SHIB. To be honest, these whale wallets are probably dead-end addresses, and centralized exchange reserves rather than active retail traders. This implies that SHIB's retail ownership is much lower than most people might think. Although it may initially seem alarming, this is actually common for large-cap altcoins and popular meme coins.
The likelihood of actual coordinated dumping is reduced because centralized exchange holdings are frequently misconstrued as whales in these wallet concentration figures. Nevertheless, it highlights the extent to which retail investors are not actively utilizing SHIB's supply. We would need to see a significant increase in retail demand, which has not occurred yet, in order for the price to actually break out of the current narrow range.
These sizable dormant whale wallets and the market's present low volatility will continue to hold SHIB's price largely steady until then. Anticipate sideways trading until a distinct catalyst appears, such as a large exchange listing ecosystem growth or a more widespread meme coin rally. SHIB holders should not anticipate spectacular results from these whale-controlled addresses; until then they are more of a passive presence than a force that actively moves the market.
