Shiba Inu’s Rallies Are Greatly Influenced by Decisions Made by 8 Crypto Whales

Shiba Inu (SHIB) is a Dogecoin (DOGE) spin-off that may have been launched as a joke, but has now reached a point in popularity where its market capitalization matches that of DOGE. On-chain data suggests a handful of whales may be largely responsible for SHIB’s latest surge, even as Tesla and SpaceX CEO Elon Musk publicly rejected the decentralized token in favor of the meme coin. The week didn’t start on a high. Doge’s

The meme-based crypto coin has entered the list of top ten biggest crypto assets by market capitalization, rivaling arch-rivals dogecoin down a notch. But according to crypto research firm Into the Block, 70.52 percent of SHIB’s circulation is controlled by eight whale accounts, of which one whale holds 41.03 percent. Shiba Inu There has been an increase of more than 800 percent in the last week alone, which means that all these whales have made huge returns on their investments.

data from coincorp shows that the circulating supply of Bitcoin 18.85 million, which is far less than the 549 trillion SHIB in existence today. Out of 838,305 unique addresses (holders), 20 holders account for 75.95 per cent of the supply.

In case you’re wondering why we’re not talking about whales, which hold over 41 percent of circulation, it’s because the wallet associated with that account is used. Ethereum co-founder Vitalik Buterin To dump 50 trillion SHIB tokens. Back in May, Buterin donated those tokens – A crypto-based COVID-19 relief fund for India worth $1 billion (approximately Rs 7,497 crore) at that time. Out of 50 percent of all SHIB tokens in circulation – the balance was gifted to Buterin at the inception of the meme coin – was permanently burned, taking them out of circulation.

The remaining 28.97 percent of the circulating SHIB tokens that co-exist with whales are divided into seven whales, the largest of which accounts for 7.02 percent of the total amount of SHIB tokens in circulation.

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