SHIB Analysis & Market Overview

Sypool Protocol
6 min readDec 7, 2023

1. Project Overview

Shiba Inu (SHIB) is a decentralized meme token that has evolved into a vibrant ecosystem. It could make transactions through 3 network chains: Etherscan (Ethereum), Solscan (Solana), and Bscscan (BNB Chain).

2. Fundamental Analysis

The total supply of SHIB is 589,589,040,239,380 tokens, with a circulating supply of 589,346,914,631,298, accounting for 99.99% of circulation, which represents extremely high liquidity. The 24-hour trading volume represents 8.9%, which means the trading volume was at a moderate phrase.

3. Token Information

SHIBA INU is a 100% decentralized community experiment with claims that 1/2 the tokens have been sent to Vitalik the other half were locked to a Uniswap pool and the keys burned.

4. Ownership Distribution

4.1 Ethereum Chain — (Etherscan)

4.1.1 SHIB Rankings on Etherscan

Data from Etherscan and OKlink reveals that the top 30 addresses hold 71.68% of the tokens, Notable among them is Rank1, which ranks first and accounts for 41.03% of the SHIB tokens in the Ethereum Chain.

Except for the first one, the rest of the token holders distribute a moderate dispersion, all are less than 5%, of the second place is Crypto.com. Deposit, which accounts for 4.22%, the third ranking is Binance. Cold Wallet, takes the share of 4.07%.

Recorded that the transactions within 24 hours were mostly transferred out rather than in, one astonishing transfer was made by the 30th place, it was issued by the Binance Deposit, which bought 2,686,387,326,446.84 SHIB tokens, accounting for 436.78% changes.

Moreover, it is worth noticing that the 4th place (Binance. Cold Wallet) sold 11.08% proportion of its held SHIB tokens, the number is 3,860,865,611,005.22.

4.1.2 Major Holders on Etherscan

#Rank 1

The Rank1 address made a transaction in a few hours with a certain amount of tokens, which indicates that the Rank1 address may be a transaction caused by the token contract.

By analyzing its assets component, it consists multiple over 60 types of tokens, which may be considered as a portfolio management individual account.

#Rank 2

The Rank2 address made a transaction a few times in one day with a certain amount of tokens, which indicates that it is possibly a transaction caused by the token contract.

The assets of Rank 2 are composed of several tokens, the 2nd largest of which is the SHIB token, which represents a value of $411,944,276.256768.

4.2 BNB Chain- (Bscscan)

4.2.1 SHIB Rankings on Bscscan

Although there have been many 100% position changes among the top 30 holders, we can see the value is small. The holders on the BSC chain have very little impact on the price of SHIB. So we don’t do more research.

4.3 Solana Chain- (Solscan)

4.3.1 SHIB Rankings on Solscan

Data from Solscan demonstrates that the top 30 addresses hold 71.82% of the whole ownership. The top 3 addresses account for 17.73%, 10.15%, and 7.27% respectively, constituting 35.15% of the SHIB tokens. The distribution dispersed as a decreasing trend from the third place at 7.27%.

Transactions within 24 hours among the top 30 addresses are not available cause OKlink has not upgraded the information related.

4.3.2 Major Holders

#Rank 1 in Solscan

Rank 1 address made a transaction only once which occurred about one year ago, and bought 1,109,976,576.2604127 tokens.

As for the account asset component, the assets of Rank 2 are composed of several tokens, the 1st largest of which is the SHIB token.

#Rank2 in Solscan

Rank 2 address (Ar37g5ebxRMq1NJyswFw9JKwRzZ8CzVr9SEMFH5wy9P8) owned by Raydium Authority V4, made a transaction a few times in one day with a certain amount of tokens, which indicates that it possibly a transaction caused by the token contract.

As for the account asset component, the assets of Rank 2 are composed of 105 tokens, the 2nd largest of which is the SHIB token, which represents a value of $5827.64.

5. Position Distribution

2022&2023 Position Distribution

We can see that SHIB has broken out of the 2023 accumulation area and the next accumulation area will be at 0.0000107.

6. Contract Data

Coinglass long/short ratio

Real-time Long/Short Ratio (24h)

Coinglass reports a real-time long/short ratio of 0.8258 in 24 hours, and the trend shows volatility, indicating a balanced market sentiment with no clear bullish or bearish tendencies.

SHIB Contract Trading on Binance

Binance is currently the largest platform for SHIB contract trading.

The long/short ratio leans towards the bearish side.

7. Summary

  1. Judging from the ownership distribution, exchanges occupy many top positions, but the overall 24-hour trading volume is small, and the possibility of large-scale selling in a short period is not high.
  2. From the position distribution, we can see that the price of SHIB is above the maximum accumulation area in 2023, and the next accumulation area is at 0.0000107.

Disclaimer:

This analysis is provided for informational purposes only and should not be construed as financial advice or a recommendation to buy, sell, or hold any cryptocurrency or investment product. Cryptocurrency markets are highly volatile, and the value of tokens can fluctuate significantly in a short period.

Investors should conduct thorough research and consider their risk tolerance before making any investment decisions. The information presented in this report is based on available data and market trends, and subsequent developments may impact the analysis.

The analysis relies on data from various sources, including blockchain explorers, exchanges, and news outlets. While efforts have been made to ensure the accuracy of the information, there may be unforeseen risks or events not accounted for in this report.

It is crucial to note that past performance is not indicative of future results, and the cryptocurrency market is subject to regulatory changes, technological developments, and macroeconomic factors that can influence prices and market dynamics.

Readers are encouraged to consult with financial professionals and conduct independent research before making any investment decisions. The author and Sypool disclaim any liability for financial losses or damages arising from the use of this analysis or reliance on its content.

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