Shiba Inu is no longer a coin that is unknown in the crypto world. Despite having no function, it has become one of the most popular and valuable coins on the market. However, the community's enthusiasm for the meme coin has not waned. SHIB is no longer considered a 'worthless' currency, since it currently ranks 11th on the list of top currencies by market capitalization.
With a total supply of over 589 trillion and a circulating supply of over 549 trillion, Shiba Inu has likely the highest supply of any of the main cryptocurrencies. The majority of the supply, however, is kept in only a few wallets. As word of this spreads on social media, it's crucial to understand who these wallets are and why they store so much money.
The majority of the total supply is held by 10 wallets.
The bulk of Shiba Inu coins in circulation are held by the top ten wallets. While this information is factual, it is sometimes misinterpreted as only a few people controlling the majority of the meme currency supply. This is completely incorrect. One thing to keep in mind is that, while there are SHIB whales that own significant amounts of the asset, the top wallets do not all belong to a single person.
To begin, no one has the top wallet with the biggest volume of coins. The coins in this wallet hold 41% of the entire quantity of SHIB, however they can never be accessed. This is because it is a dead wallet where Ethereum co-founder Vitalik Buterin sent the majority of the Shiba Inu tokens that were given to him as a marketing ploy by the SHIB team.
Buterin had swiftly sent the remainder of the tokens to the dead wallet after donating around $1 billion worth of tokens to the Indian Covid Relief fund, removing over half of the total amount of SHIB from circulation. As a measure to reduce the circulating supply, more SHIB has been delivered to wallets over time, and the quantity kept in this wallet has climbed.
The majority of other wallets that store big amounts of SHIB are exchange wallets. This implies that the funds in these wallets are kept on behalf of thousands of users who have their tokens on exchanges.
Shiba Inu Owners Exceed 925,000
The accession of new holders to the meme coin's ranks is a recent milestone. On Monday, the number of investors owning Shiba Inu stock surpassed 925,000, a new high. Some have referred to the digital asset's downward trajectory as the meme coin's certain demise. Others, on the other hand, have seen this as a purchasing opportunity. Investors seeking to fill their bags in preparation for the next rise increased their buying in Shiba Inu.
Since its all-time high in October, the asset has lost more than 40% of its value. For the majority of the weekend, SHIB has been consolidating below $0.00006, with no substantial upward or negative movement during that time. However, when trading resumes on Monday, the asset has begun to exhibit some positive movements, indicating the commencement of a recovery pattern.
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