The distribution of the supply of cryptocurrencies is among the biggest topics of discussion. It is stated that especially the clustering of cryptocurrencies with high supply in the hands of certain groups harms decentralization and can create a big dump effect. For this reason, investors do research on fund distribution before investing in altcoins.
Shiba Inu, whose popularity has increased recently, is on the agenda with its high supply and whales. One of the biggest criticisms is that 72% of the entire Shib supply is in the top 10 wallets. But do these 10 wallets really represent whales or real people?
51% in This Wallet
The number 1 wallet, which holds half of the supply in the top 10 wallets, has 410 trillion Shibs.
When we examine the wallet holding 410 trillion Shibs, we see that this is the address for burning coins. Since not everyone has access to the Burn wallet, the refund or any other use of funds sent there is not appropriate.
The biggest transaction regarding this wallet was made by Ethereum founder Vitalik Buterin in the past months. Buterin, who was sent a large amount of Shibs, donated some of them to charity and burned the rest to make the Shib more stable and decentralized.
While 51% of the top 10 wallets, which hold 72% of the supply, are burn wallets, we see that the rest are not all individual traders, and many exchange wallets are included in this list. It is necessary to consider that investors who keep their cryptocurrencies on exchanges are also included in this account.
Accordingly, there are 37 trillion Shibs in Binance wallets and 25 trillion Shibs in Cryptocom wallets.
You can examine the Shib amounts in the hands of the first 25 wallets from the chart below.
*Not Investment Advice.