Who Own The Ten Wallets That Hold 72% Of SHIB Total Supply?
In short time Shiba Inu (SHIB) made its way to the top crypto assets’ list. While its utility value can be debated, the meme coin has a huge community support. community support for the meme coin. Currently ranked as 11th most valuable crypto asset by market cap, it can no longer be said that SHIB is a ‘worthless’ coin.
Shiba Inu also has the largest coin supply of all of the top cryptos, with a total supply of over 589 trillion and a circulating supply of more than 549 trillion. However, the majority of the supply is held in only a few wallets. Who do these wallets belong to and why they hold so much?
The top ten wallets hold the majority of the Shiba Inu coins in circulation. While this could be interpreted that only a handful of people therefore hold majority of the coin’s supply, it is actually incorrect. While it is true that there are certainly SHIB whales who hold large volumes of the asset, these top wallets do not simply belong to single individual holders.
The number one wallet with the highest volume of coins belongs to no one. This wallet holds 41% of the total supply of SHIB but the coins in the wallet can never be accessed. This is because it is a dead wallet where Ethereum founder Vitalik Buterin sent the majority of the Shiba Inu tokens that were gifted to him by the SHIB team in an apparent marketing stunt.
Buterin donated around $1 billion worth of SHIB tokens to the Indian Covid Relief fund, and sent the rest of the tokens to the dead wallet, taking almost half of the total supply of SHIB out of circulation. Over time, more SHIB has been sent to the wallet as a way to reduce the circulating supply and the amount held in this wallet has therefore grown.
Majority of the other top wallets holding large volumes of SHIB belong to crypto exchanges. In other words balances held in these wallets belong to thousands of users, who are storing their coins on exchanges.
Shiba Inu Holders Close to 1 Million
SHIB keeps adding new holders to its ranks. The number of investors holding on to Shiba Inu exceeded 929,000, setting a new record.
The downtrend in price for the meme coin has been described by some as the inevitable end to digital asset. However, others see it as a good buying opportunity. Transactions have increased as Shiba Inu investors hope to fill their bags in time for the next rally.
The asset has since dropped over 40% of its all-time high in October. SHIB has been consolidating below $0.00006 for most of the weekend, not recording any significant upwards or downwards movement within the time period. But as trading opens up for the week on Monday, the asset has shown some favorable trends with the start of a recovery pattern.
At the time of writing SHIB trades for $0.00005653.
