Shiba Inu Soars 26%… But Where Are the Whales? 🐕💸

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Shiba Inu [SHIB] rallied 16.3% on Sunday, the 4th of January. It was up 26% at the time of writing, measured from the start of the new year. 🐕📈 A feat that would make even the most seasoned investor do a double-take.

This rally came alongside a Bitcoin [BTC] price bounce above the $90k level, which lent many altcoins bullish short-term momentum. 🚀 Coinciding with Bitcoin’s $90k rebound, Shiba Inu joined the party, riding the altcoin wave like it’s a summer cruise. 🚢💰

In a post on X, crypto market data platform Santiment revealed that a good chunk of the memecoin’s supply was concentrated within a few whales’ wallets. 🐋🌊 Santiment dropped a bombshell: a bunch of whales are holding the reins of this memecoin.

The top 10 largest SHIB holders controlled 62.65% of the entire supply. It must be noted that the wallet containing 41% is a dead wallet and marked a major burn event from May 2021 by Vitalik Buterin. 🏴‍☠️ But here’s the twist: 41% is in a dead wallet, thanks to Vitalik Buterin’s 2021 burn. So, it’s like a ghost ship-no one’s in charge, but the ship’s still floating.

Measuring SHIB’s on-chain selling pressure

During the 10/10 crash, Shiba Inu went down 43% in 8 hours after a nasty downside wick on Binance. 🎭📉 Remember that 10/10 crash? Shiba Inu took a nosedive, dropping 43% in 8 hours. Binance, you’re a real drama queen.

Yet, the mean coin age and dormant circulation metrics hardly spiked higher, showing little sell pressure on-chain. This changed in December. 🔍🔍 These metrics are like a detective’s report, tracking every move of SHIB’s on-chain journey. But where are the clues leading us?

The metrics illuminate the movements of SHIB on-chain, and more movement of long-term dormant tokens creates more considerable changes in the metrics. 🧩 These reflect a flurry of large token movements, likely for selling.

In the past few days, even as prices bounced toward local resistance levels, there wasn’t sizeable on-chain SHIB movement. This suggested low profit-taking pressure from holders and that there was more room for growth. 🕵️‍♂️📈 Despite the price bounce, there’s been no major on-chain shuffling. Seems like holders are taking a break from selling-maybe they’re just waiting for the next big move.

On the other hand, bulls should beware that the larger SHIB wallets have been falling in number since late November, the supply distribution metric showed. Smaller wallets continued to rise in number. 🎶💰 Bulls, take note: large wallets are disappearing like magic, while smaller ones are on the rise. It’s like a game of musical chairs, but the music’s playing in a crypto lounge.

This lack of whale accumulation indicated the current rally was not a product of long-term buying pressure, but short-term hype. 🌟🔥 So, the rally is more of a flash in the pan than a lasting flame. Short-term hype, anyone?

For traders, there’s nothing wrong with hype. Any volatility is welcome, so long as it brings about a trend. Shiba Inu does have a trend now that is short-term bullish. 🏁🏁 Traders, don’t worry-it’s all about the hype. As long as there’s a trend, even a short one, it’s a win. Shiba Inu’s on a short-term roll.

The Fixed Range Volume Profile tool showed that the $0.0000085-$0.0000087 area was a high-volume support node, with SHIB testing the Point of Control (red) at the time of writing. 🌟💰 The tool points to a sweet spot between $0.0000085 and $0.0000087. It’s like the crypto version of a goldilocks zone-just right.

A retracement below the $0.0000078 level would be a sign that the momentum had faltered and bears were beginning to control the market once more. 🐻📉 But if it drops below $0.0000078, the bears might take over. Don’t worry, it’s just a minor setback.

Final Thoughts

  • The supply in the hands of the top 10 addresses suggests centralization, but investors should remember that 41% is in a burn address, inaccessible forever. 🚫
  • The larger SHIB wallets were distributing lately, and a wave of selling was last seen in December. 📉

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2026-01-05 16:29