As we approach the end of a relatively lackluster trading week, Shiba Inu ($SHIB) has made an unexpected and noteworthy leap. Small holders, those with wallets holding between 10 million and 100 billion SHIB tokens, have acquired approximately $9 million in tokens over the past eight weeks. This development was revealed by Santiment, a leading on-chain analysis platform.
Considering that Shiba Inu is currently ranked 14th in the cryptocurrency market, this accumulation presents a significant shift in behavior among small holders. The source of this information, Santiment, took to Twitter to highlight this phenomenon, a testament to the platform’s role as an indispensable resource for crypto traders seeking reliable, real-time market data.
At present, the price of Shiba Inu stands at $0.00000823, reflecting a 5.43% price increase over the past 24 hours and a 4.70% price increase within the last week. Notably, Shiba Inu commands a considerable market cap of $4,850,338,048, fueled by a circulating supply of a staggering 590 trillion SHIB.
The accumulation of SHIB tokens by small holders, often referred to as “sharks” and “dolphins,” is an encouraging sign for the Shiba Inu community. This activity suggests a positive shift in sentiment towards the meme coin and could potentially lead to greater stability for SHIB prices in the future.
This trend also echoes a broader narrative in the cryptocurrency landscape: the growing influence of retail investors. As more individuals choose to become a part of the cryptocurrency universe, their collective actions can indeed sway the direction of a digital asset.
Nevertheless, given the volatile nature of the cryptocurrency market, it remains crucial for potential investors to carefully analyze the risk associated with such investments.
Keep an eye on the ‘Shiba Army’, as this loyal community of small holders is fondly known. Their collective belief in the potential of SHIB is creating waves in the market and could potentially contribute to the coin’s sustained growth.
The tweet from Santiment, a well-regarded technical analysis expert, paints an optimistic picture of Shiba Inu’s future. The question that remains, however, is whether this positive sentiment will continue to translate into upward price momentum. As always, in the dynamic world of cryptocurrencies, only time will tell.
