SHIB Whales Corner 94% Supply as Token Nears $0.00000500 Breakout

The Shiba Inu (SHIB) token is on the verge of reaching a crucial price level, $0.00000500, and market activity has surged in response.

A recent analysis by Etherscan reveals that transfers involving SHIB increased by 68.75% to 8,517 transactions overnight.

The data shows that large wallets moved 5.59 trillion SHIB on July 31, followed by retail investors on August 1, who jumped into the game with a combined volume of 4.08 trillion SHIB in smaller transactions.

Interestingly, only 0.05% of wallets, or 764 addresses classified as whales, hold an impressive 94.64% of SHIB's total market capitalization, with five largest holders controlling $2.76 billion out of the total $4.80 billion.