Shiba Inu Whales Hold 61% as Altcoins Surge with Chainlink Leading the Rally

• Shiba Inu’s 61.3% whale concentration poses volatility risks, while Chainlink and Toncoin’s lower levels suggest more stability.
• SHIB’s price sees a 2.56% rise but remains below Chainlink’s strong gains, with key support at 0.00001450 for potential recovery.
• Toncoin faces a steep 43.48% drop, reflecting broader market trends, while Chainlink’s surge signals resilience among key altcoins.

According to Santiment, the top 10 largest wallets hold a substantial portion of supply in major altcoins. Shiba Inu has the highest concentration, with 61.3% of its supply in a few wallets. 

Ethereum  follows at 46.1%, while Chainlink and Toncoin have lower concentrations at 33.1% and 32.8%. A higher concentration can lead to increased volatility, as large holders have influence on price movements.

Whale Concentration and Market Impact

Shiba Inu’s high concentration means a few holders control most of its supply. If these wallets decide to sell, the price could drop sharply. This creates a risk for smaller investors who may face sudden market swings. 

However, if these large holders continue to accumulate, it suggests confidence in the asset, which may help stabilize prices. Ethereum, with 46.1% of its supply held by the top wallets, has a relatively more decentralized distribution. 

Chainlink and Toncoin have even lower concentrations, making them potentially more stable. A more even distribution reduces the likelihood of major price swings caused by a few entities. Investors often prefer such patterns as they indicate lower chances of manipulation.

Price and Market Performance

On a daily timeframe, Shiba Inu is trading at 0.00001524 , a 2.56% increase. Its high for the period reached 0.00001532, while the low touched 0.00001476. The asset has been declining since December, aligning with broader market trends. Recent support has formed near 0.00001450, showing signs of potential recovery.

Ethereum has recorded a 0.46% drop, indicating mild underperformance. Chainlink has surged, making it the strongest performer. Toncoin, however, has declined by 43.48%, having substantial selling pressure. Despite SHIB’s recent gains of 8.39%, it still lags behind LINK’s strong performance.

Trading Volume and Market Trends

Shiba Inu’s trading volume is at 1.03 trillion tokens, suggesting strong market activity. Volume spikes align with price movements, indicating increased activity and possible accumulation at recent lows. 

If SHIB maintains support at 0.00001450, it could move toward the 0.00001650 to 0.00001800 range. However, a break below this level may lead to further downside, possibly testing 0.00001350.

Ethereum’s weakness and Toncoin’s steep decline show broader trends in the crypto market including SHIB’s recent performance. Chainlink’s strength, on the other hand, suggests resilience among altcoins, which may help support market recovery.