Shiba Inu Whales Control 26% of the Token Supply: Here's How It Could Be Bullish

The token is taken over by whales as it recovers.

The token is taken over by whales as it recovers.
SHIB Whales | Image: Optimisus

Shiba Inu and other minor altcoins have seen a dramatic price spike following the revival of the altcoin market, with SHIB gaining 7.5% at its daily top.

While individual investors are buying the asset, the whales who own 26 percent of the supply stand to reap $100 million.

The meme-related token is under the grip of whales

Whales presently control 26% of the overall supply, according to data from WhaleStats.

The tracker does not count exchange-related addresses or companies, which enables for establishing the true percentage of significant owners on-chain.

Assets tend to lose the earlier volatility that existed when practically all traders on the market were short-term speculators, as the number of whales grows.

Shiba Inu is currently regarded as a mid-term asset, as evidenced by the fact that the majority of holders entered the asset at least six months ago.

When whales gain control of an asset, it tends to avoid correcting because huge wallets continue to accumulate the token or currency instead of selling it.

Large selling volumes are typically seen at the end of bullish rallies, when retail buying power outnumbers unrealized losses, which then transform into unrealized profits.

Whales began hoarding Shiba Inu after the token fell over 30% of its value in the days following its all-time high in October. Whales have been buying SHIB valued up to $300 million in a few of days.

Unfortunately for them, SHIB has failed to produce any market recovery, leaving the majority of investors with a 40-60% loss.