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- Top 10 wallets control 62% of SHIB, giving whales market sway.
- $0.000015 resistance remains unbroken despite heavy accumulation.
- Short-term floor at $0.000012 holds; breakout depends on selling pressure absorption.
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Shiba Inu (SHIB) is under the microscope as Santiment flags the token as highly centralized. With the top ten wallets controlling 62% of the 560 trillion tokens in circulation, roughly 347 trillion SHIB are concentrated in just a few hands. This gives whale activity an outsized influence on price direction, making every accumulation or sell-off crucial for traders.
Whales Load Up Amid Stubborn Resistance
Since late July, SHIB’s largest whale cohorts have been increasing their holdings. The cohort holding 1 billion+ tokens has added nearly 1 trillion SHIB this month alone, hinting at potential market moves. Historically, smart money buying into fear often signals a local bottom, shaking out weaker hands while whales accumulate.
However, despite heavy accumulation, SHIB has repeatedly failed to break the $0.000015 resistance, resulting in a roughly 20% pullback. This shows that even with whale support, selling pressure remains significant, preventing a sustained breakout.
Short-Term Floor Remains Intact
On August 25, SHIB rebounded off $0.000012, marking its fifth bounce from this level since July. Around 20 trillion tokens were stacked, solidifying a short-term floor. Still, the $0.000015 ceiling remains untested, with three failed break attempts pushing price back to support.
During these attempts, traders realized nearly $9 million in gains, and SHIB’s Open Interest (OI) surged past $300 million, the highest since Q1. The market’s ask-heavy structure shows that profit-taking dominates, highlighting the fragility of SHIB’s short-term momentum.
Also Read: Shiba Inu Burn Rate Crashes 90% — What It Means for SHIB Investors
Open Interest and Market Outlook
Following the resistance tests, SHIB’s OI slid to $173 million, returning to early-July levels. This indicates traders are closing positions and absorbing profits rather than fueling upward momentum. Without strong bids to counter selling pressure, a fourth failed break above $0.000015 could stall Shiba Inu’s September breakout prospects.
In conclusion, while whales continue to accumulate, resistance and profit-taking are key barriers. Traders will need to watch whether the market can absorb selling pressure and finally push past $0.000015 to ignite a breakout rally.
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Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses
I’m your translator between the financial Old World and the new frontier of crypto. After a career demystifying economics and markets, I enjoy elucidating crypto – from investment risks to earth-shaking potential. Let’s explore!
