Crypto researcher Bernand Zambonin says the bulk of the Dogecoin supply is in the hands of just a handful of whales. While SHIB scatters in more wallets than inspiration, their value can easily drop when whales sell their holdings, according to Zambonin. cryptocoin.com We are giving the details as…
DOGE and SHIB: Ingested by whales?
There are concerns that a large whale has swallowed roughly 40% of DOGE’s $21.8 billion market cap, which has been circulating in the crypto-related topics of Reddit lately. This represents a capitalization of around $5 billion in Dogecoin. According to the latest data, DOGE’s distribution today is 44.22% among the top 10 Dogecoin holders worldwide, 63.92% in the top 100, and 79.73% in the top 1000.
The identity of the large whale with such a significant amount of DOGE is still a mystery. While many speculated that it could be DOGE supporter Elon Musk, some Reddit users pointed out that the DOGE whale could be commission-free broker Robinhood (HOOD). However, Robinhood denied the rumor, explaining that the company itself does not trade any cryptocurrencies. As for the Shiba Inu, the data shows that the token is even more concentrated in a minority of portfolios. Approximately 64% of SHIB’s wealth distribution is concentrated in its top 10 shareholders, 71.72% in the portfolios of its top 20 owners and 80.74% in its top 100 shareholders.
However, the Shiba Inu’s biggest owner is Ethereum co-founder Vitalik Buterin, who took 50% of the total SHIB circulation when it was launched in May last year. It sent the equivalent of 410,241,996,771,871 SHIBs worth $7.3 billion to a dead address, removing about 41% of Shiba’s total circulation. Buterin also donated $1 billion to Shiba Inu tokens to India COVID-19 relief.
Can whale prices lower?
Investments in meme cryptocurrencies like Shiba Inu and Dogecoin are primarily based on speculations that have nothing to do with the fundamentals of cryptocurrencies. Therefore, the extreme risk of investing in these coins should not be overlooked by crypto investors. Because a large concentration of these cryptocurrencies is allocated to only a few portfolios. According to crypto researcher Bernand Zambonin, when a whale sells its holdings, their value can easily drop.
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