The meme-focused cryptocurrency also launched as a copy of Dogecoin (DOGE) Shiba Inu (SHIB), It’s definitely more popular than any cryptocurrency right now.
SHIB is in the hands of the people!
After rallying 300% and above, SHIB started to show slight correction signals on October 12 and fell 9.9% in 24 hours.
Despite this slight drop in the price of SHIB, its total market cap is over $13 billion, keeping it in the 12th largest cryptocurrency ranking. Coming very close to passing DOGE, SHIB has unfortunately not made it yet, but it is progressing in that position.
SHIB has a significant “difference” to DOGE, at least in the words of the developers. Emphasizing that SHIB will be managed entirely by the community, unlike DOGE, the developers seem to have already started to make a difference.
According to the token supply information on CoinMarketCap, 39.47% of the circulating SHIB amount is entirely in the hands of the public, that is, individual investors.
The instant supply of SHIB, which has a total supply of 1 quadrillion, is known as 394,796,000,000,000.
As for DOGE, it was emphasized in previous months that it was mostly in the hands of whales and the situation posed a threat to investors.
Having the majority of an asset in the hands of whales and institutional investors can predictably lead to sharp price movements. Especially the claim that most of the DOGE supply is in the hands of Elon Musk has also caused panic for DOGE investors, but it seems that there is nothing to worry about SHIB at the moment.