71% Shiba Inu Crypto Tokens Are Held In Ten Wallets Alone

The world of cryptocurrencies have been the talk of the town lately. One ‘memcoin’ that stood out during the hype was Shiba Inu coin, also known as SHIB.

SHIB hit consecutive all-time-highs and gave massive returns. It even overtook it’s rival Dogecoin and became the ninth most valuable cryptocurrency in the world. Howevere, this does not mean there are no concerns regarding Shiba Inu.

SHIB Whales

While Shiba Inu community is one of the most active crypto communities in the world, some members fear that the highly concentrated ownership of the memecoin can be a source of trouble in the future.

Shiba Inu is owned by 872,382 wallets in total. But guess what? Ten wallets amongst them own 72% of all SHIB tokens. This is an alarming nuymber because these ten ‘whales’ technically hold the power to move the price of the cryptocurrency.

The Concerning Trend

According to data from CoinMarketCap, the top ten wallets hold 72% of the total SHIB supply. The top whale wallet aloe owns 41% of SHIB supply which equates to $21 Billion in value. The second wallet owns 7% of total supply which is worth close to $3 Billion.

Another concern noted by the crypto community is that the second biggest whale in Shiba Inu coin is slowly moving out SHIB from their wallet. As per data from Blockchain Forensics firm Elliptic, there were four transactions in the wallet on Wednesday. Each of the transaction sent $695 Million SHIB to different wallet address totalling to $2.78 Billion.

However, hodlers of SHIB still feel confident that their favorite cryptocurrency will touch newer highs as days go by. Do you own any SHIB? Tell us your thoughts in the comments.

P.S: Investing in cryptocurrencies is subject to higher than normal degree of risk. This is not a financial advice.

Shaheer is passionate about living a life seeking un-ending knowledge, philomath, as you may think of him. He's a student of Finance and a keen observer of Business and Indian-Political scenario who takes pleasure to pen down his views and opinions on the same. As his guiding mantra to life, ‘Come what may , life goes on’ helps.

2 Comments

  1. Shaheer Ansari Post author

    Appreciate the info. However, our sources are cited in the article. The data is extracted from CoinMarketCap and Blockchain Forensics firm Elliptic. We will re-check and make the changes, if necessary.

  2. jcbeals

    You need to check your facts ether scan says 41% is to a black hole which makes it impossible to be 73%. And the others are exchanges.

Leave a Reply

Clout Newsletter

Subscribe To The Clout Newsletter Below and Get The Best of Clout News In Your Inbox!