Shiba Inu (SHIB) recorded an extraordinary rally this week as it crushed record highs after record highs. The second-largest meme coin printed a new record high yesterday at $0.00008854 before recording a double-digit drop.

Shiba Inu’s market capitalization recently crossed the $40 billion mark, which pushed it into the top ten crypto rankings and helped it overtake its meme coin predecessor Dogecoin. 

However, recent circulatory data calls for some caution around SHIB. Currently, the market is heavily saturated with many Shiba Inu in circulation, despite Vitalik Buterin’s recent 1 trillion SHIB donation and the network’s deflationary feature. 

At press time, there are over 549 trillion SHIB tokens in circulation, a humongous amount compared to Bitcoin and most other cryptos. Meanwhile, Bitcoin’s whale concentration currently stands around 14.65%, a tiny figure compared to Shiba Inu’s. 

According to data from coincarp.com, 10 holders own 71.9% of all SHIB in circulation. Interestingly, some of these wallets are owned by crypto exchanges like Binance and Crypto.com. Also, if he totals 838,305 SHIB addresses, only 20 control 75.95% of the circulating supply. Finally, the top 100 wallets own 80.48% of all SHIB supply. 

This data illustrates how unevenly distributed the meme coin is and how it is under the possible risk of manipulation. 

Key Shiba Inu Levels to Watch — October 29

SHIB has had a mind-blowing performance this week as it peaked at a new record high close to deleting another zero from its price. However, the ninth-largest cryptocurrency suffered a sharp correction from the new record high to the $0.0000600 support.

However, bulls have refused to rest on their oars and have boosted the price towards the $0.0000750 resistance, where it currently struggles to break. I expect to see a steady consolidation between $0.0000750 and $0.0000600 in the near term as some bearish undertones remain. 

Meanwhile, our resistance levels are $0.0000750, $0.0000800, and $0.0000885, and our key support levels are $0.0000650, $0.0000600, and $0.0000550.

Total Market Capitalization: $2.60 trillion

Shiba Inu Market Capitalization: $39 billion

Shiba Inu Dominance: 1.5%

Market Rank: #9

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