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.
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.