A recent analysis shared on X by Santiment highlights the concentration of Shiba Inu holdings among a small number of large investors. According to the data, the top 10 wallets collectively hold 61.3% of the total SHIB supply, amounting to approximately 613 trillion tokens. This concentration level raises both potential risks and opportunities for the market, as the decisions of a few major holders could significantly influence SHIB’s price movements. The Influence of Whales The concentrated ownership of SHIB among a few wallets creates a strong link between their actions and the cryptocurrency’s value. With whale activity intensifying in the SHIB ecosystem, if any of these major holders decide to sell large amounts of SHIB, the market could experience sharp declines. On the other hand, if these top wallets continue accumulating or refrain from selling, it could suggest confidence in the project’s long-term prospects, potentially stabilizing the market for smaller investors. A good example of the influence of these massive token movements on SHIB is the burn performed by Ethereum co-founder Vitalik Buterin. He received a substantial portion of SHIB’s supply in 2021 from its anonymous creator, Ryoshi, and later burned 90% of it. This burn, which effectively removed a large number of tokens from circulation, was intended to reduce supply and potentially increase scarcity, experts have shown that this burn helped SHIB hit its all-time high . The “0xdEAd” wallet, which holds over 410 trillion SHIB that Buterin burned, is inaccessible and does not impact market liquidity. However, it is often included in calculations of the asset’s largest holders, which can sometimes be misleading. We are on twitter, follow us to connect with us :- @TimesTabloid1 — TimesTabloid (@TimesTabloid1) July 15, 2023 Exchanges and Private Holdings Apart from the burned tokens, Arkham Intelligence data shows that the remaining 203 trillion SHIB controlled by top holders is distributed among nine other wallets. Many belong to major cryptocurrency exchanges, including Binance, Robinhood, Crypto.com, Upbit, Bithumb, and OKX. These exchanges hold large reserves of SHIB, primarily to facilitate trading and liquidity. However, there are also a few addresses among the top SHIB holders whose ownership remains unclear. One such address, “0x2d7A,” holds approximately five trillion SHIB, worth around $74.95 million. Furthermore, five additional wallets, each holding 5 trillion SHIB, were funded by the same address three years ago and have remained dormant ever since. The purpose and ownership of these wallets remain unknown, and some suggest they could belong to Ryoshi, the mysterious creator of Shiba Inu. XRP has historically been criticized for Ripple’s escrow holdings, wrongly calling it centralized . If the token concentration among these few wallets continues to expand, it might face similar accusations and scare new investors. Disclaimer : This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses. Follow us on Twitter , Facebook , Telegram , and Google News The post Shiba Inu Rich List: Report Reveals Owners of 613 Trillion SHIB appeared first on Times Tabloid .
