The prominent meme coin Shiba Inu (SHIB) is known for its increasing utility. The community-driven project has garnered attention as it aims to move away from its “meme coin” tag. While the team behind SHIB has been building without a stop, the price of the asset was seen falling short of expectations. Amidst this, a recent report highlighted how a notable 61.3% of the meme coin’s total supply is held by the top 10 largest wallets.
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An Imbalance In The Shiba Inu Network?
According to recent data from Santiment, the ten largest wallets in the Shiba Inu network hold 61.3% of SHIB’s total supply. The firm further explained how this disparity could cause chaos in the market. Santiment noted that only a small number of holders will have authority over the market. In SHIB’s case, more than half of its supply is being held by ten wallets. If in case these wallets decide to sell their holdings, the market could endure increased volatility.
Other assets like Ethereum, Chainlink, and Toncoin are also mentioned in the chart. But these networks had “a more evenly spread supply.”
To balance it out, the firm noted the positive side of Shiba Inu’s supply concern. Santiment added,
“if these large holders keep holding or accumulating, it generally signals confidence in the project and can actually reward traders who collectively hold less power, and rely more heavily on the behavior of a few large key stakeholders.”
While this can cause panic in the market, these wallets are fairly harmless. The largest SHIB wallet owns a staggering 410.4 trillion tokens. This alone accounts for 41% of the meme coin’s total supply. But this is a burn wallet with tokens that are no longer part of the circulation. The next few wallets on the list are held by prominent platforms or exchanges like Upbit, Binance, Robinhood, Crypto.com, and OKX among others.
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Current Market Situation
Over the past 24 hours, SHIB recorded a massive drop of 7.12%. During the time of writing, the meme coin was priced at $0.00001489. The asset continues to trade 83% below its all-time high of $0.00008845.
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