A recent tweet has created panic among the Shiba Inu Community and traders. In the crypto market, the small coins that are only starting are always under the threat of getting a ‘rug pull’ by the whale investors. The same is the case with the satirical cryptocurrency called Shiba Inu token. The technical analysts of the fintech world have criticized the popularity of this token due to the lack of utility that this token offers.
The trend of giving rise and popularity to the joke coins was started with Dogecoin. When this token that is based on a meme managed to become the 10th largest cryptocurrency in the market, other variants of this project started to surface in the crypto exchange platforms. A Twitter user recently created in the Shiba Inu community by claiming that the 71% circulating supply of this token is owned by only 10 wallet addresses.
The investors have become rightly concerned over the news that a massive supply of Shiba Inu token is held by only 10 investors. This news is unsettling considering that if any of these big Shiba Inu holders decided to sell their share and cash out, it could drop the price of the entire Shiba Inu stash to zero within seconds. The Twitter account has also highlighted the Shiba Inu wallet that holds 51% of the total circulation supply containing 410 trillion units.
Burn Wallet Address
According to statistics, this is a burn wallet address that is created to get rid of the additional supply of this satirical token. There are not many users who can access this wallet, and there is no option availed for refunding its content. This wallet was last accessed by Ethereum co-founder Vitalik Buterin after he received a massive supply of Shiba Inu tokens. He donated a considerable amount of the gift to charity for India and sent the remaining balance of the gift to this burn wallet address.
The two other digital wallets addresses that hold a huge portion of the total circulating supply of the Shiba Inu token are not owned by a single digital trader. These wallet addresses are associated with two major crypto exchange platforms, i.e. Binance and Crypto.com. With their massive Shiba Inu holdings, these digital wallets qualify for the 5th and 6th top rank in the crypto community.
The corporate wallet of Crypto.com holds around 25 million Shiba Inu and has recently added a supply of 29 billion tokens from the same joke coin project. Meanwhile, Binance owns 37 trillion of this meme canine crypto token. 20 more digital wallet addresses hold a massive amount of Shiba Inu tokens. However, these digital wallet addresses are also owned by commercial entities.