The popular meme coin Shiba Inu (SHIB) has become one of the exciting projects in the crypto market. So, who has the most SHIBs? Here’s everything you need to know about the SHIB community.
Increasingly popular SHIB ecosystem expands
Shiba Inu (SHIB) emerged in 2020 during the boom in popularity of meme coins like Dogecoin as a community-based project. The project’s official website describes it as a “decentralized meme token that turns into a vibrant ecosystem.” Also, Ryoshi, the anonymous founder of the project, says, “We are an example of decentralized spontaneous community building.”
The SHIB token is based on the ERC-20 Ethereum standard. The Shiba ecosystem has grown to include the ShibaSwap decentralized exchange (DEX), which aims to compete with other cryptocurrency DEXs such as Uniswap (UNI) and Sushiswap (SUSHI). According to its website, the Shiba Inu has more than 585,000 community members.
How many Shiba Inu tokens are there?
The developers have created a total supply of quadrillion SHIBs, designed to allow users to hold billions or even trillions of tokens. This means that the value of the token could remain well below $0.01. But it also shows that it can generate huge returns for those who still hold a range of tokens.
The developers have locked 50% of the total SHIB token supply to the Uniswap DEX. He sent the remaining 50% to Vitalik Buterin, the creator of Ethereum (ETH). Buterin donated more than 50 trillion tokens, worth over $931 million at the time, to the India Covid-Crypto Relief Fund. He burned 90% of the remaining SHIB holding tokens, stating that he did not want control over other crypto projects.
cryptocoin.comAs you follow, Shiba Inu developers launched a cryptocurrency burning portal on April 23 in response to requests from the community to reduce the circulating supply. Token holders who choose to burn their SHIB receive RYOSHI tokens as a reward. Over eight billion SHIB tokens were burned and removed from circulation in the first 24 hours.
According to CoinMarketCap data, at the time of writing, there are 549 trillion SHIB tokens in circulation, with a total of 589.7 trillion. Data compiled by Shibburn shows that a total of 410 trillion SHIB tokens have been burned from the initial supply. In the seven days leading up to July 15, more than 1.06 billion tokens were burned. In addition, the data shows that the combustion rate increased by 108% over a 24-hour period. During the crash in cryptocurrency prices over the past few months, the rate of burning has slowed. Therefore, the SHIB price has dropped by 60% since the beginning of April.
Meanwhile, whales are accumulating SHIB at lower prices. SHIB was the largest token position by dollar value among the top 100 Ethereum “whales,” referring to people holding large amounts of cryptocurrencies in their wallets. Data compiled by WhaleStats shows that SHIB is second only to ETH.
How is the distribution of Shiba Inu holders?
So how many Shiba Inu holders are there? According to data from both WhaleStats and CoinCarp, there are more than 1.2 million SHIB holders as of July 17, up from 1.18 million a month ago on June 16. The largest address with 410 trillion tokens is a dead address reflecting that Vitalik Buterin burned 40% of the initial SHIB supply.
Who owns the most SHIBs? The largest holder of SHIB currently in circulation is a wallet with 48.7 trillion tokens, accounting for 4.87% of the initial one quadrillion supply. According to WhaleStats, the top 10 wallet addresses with the largest SHIB holdings account for 165.61 trillion tokens, or 16.56% of the supply. It is also worth more than $1.8 billion. Despite the emphasis of SHIB as a decentralized, community-led token, the current total supply stands at 589.7 trillion. This corresponds to 28% of the supply being held by only 10 wallets.
Ethereum’s fifth largest whale wallet, named Light, has a total portfolio value of $691 million. Of that, 364 million, or 55%, are held at SHIB. The data shows that they have steadily sold portions of SHIB holdings over the past two months. However, it remains the second largest active SHIB holder. The next largest address has $132.9 million on SHIB. It accounts for 77.75% of the wallet value. It also raised the holder more than $48 million in SHIB tokens over the past month. On July 11, it sold for $13.4 million.
Based on activity since April, the top 100 SHIB holders have increased the amount of SHIB in their wallets since crypto prices fell. They make up 49.25% of the total available supply. According to CoinCarp data, the most popular centralized exchange to hold SHIB is Binance, which has a balance of 42 trillion SHIB tokens worth $468.3 million. This is followed by OKEx with $7.8 trillion SHIB with $86.2 million and Crypto.com with $69.4 million with 6.3 trillion SHIB.
SHIB price influenced by Elon Musk’s DOGE tweets
Shiba Inu price is not only affected by broad trends in crypto prices. It is also influenced by Tesla CEO and crypto influencer Elon Musk’s comments on Dogecoin (DOGE). Because SHIB’s investor sentiment also depends on DOGE. For example, the SHIB price was influenced by Musk’s comments supporting Dogecoin at the Qatar Economic Forum in Doha. It then rose as much as 45% to $0.00001182 on June 21. SHIB is based on the same nozzle as DOGE. That’s why it tends to take direction from DOGE when it makes sharp moves.
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