- Shiba Inu’s top five holders, excluding exchanges, control 7% of SHIB tokens, with the largest holding around $426 million.
- The ‘Null’ wallet holds 41% of SHIB supply, and major exchanges like Binance and Robinhood are significant SHIB holders.
Shiba Inu (SHIB), a widely held cryptocurrency with over 1.36 million holders, is under scrutiny for the distribution of its holdings. While the token boasts a large and diverse community, a closer look at the top holders raises questions about concentration.
The top five SHIB holders, excluding exchanges and the burn wallet, control approximately 7% of the total supply. While this figure may seem modest compared to other cryptocurrencies, it prompts discussions about decentralization and potential market influence.
Top Holders and Their Holdings
Taking a closer look at the top SHIB holders, the largest individual holder, identified by the address with initials 0xf3B007, possesses roughly 4.26% of SHIB’s supply, valued at around $426 million. While the owner remains anonymous, the wallet is associated with Crypto.com and holds a significant amount of Cronos Coin.
In the second position is a contract address with the initials 0x4221, controlling about 1.36% of SHIB’s total supply, equivalent to $136 million. This contract address’s activity suggests it might be controlled by an on-chain trader engaged in occasional SHIB transfers.
Completing the top five are three addresses, each holding 1% of SHIB’s supply. The address with the initials 0xF28d2 significantly increased its holdings in November 2021, shortly after SHIB reached its all-time high.
The fourth largest individual SHIB holder, 0x99c1, also received its holdings in November 2021, now worth $108 million. Notably, if these holdings were a new purchase, the owner may face substantial losses, considering the significant investment made during SHIB’s peak.
The fifth address, with initials 0x3198, also acquired 1% of Shiba Inu’s maximum supply in November 2021 and has since maintained its holdings.
Impact of Dead Wallet and Exchange Holdings
Notably, the ‘Null’ wallet, functioning as a dead wallet for burned and removed SHIB tokens, holds a whopping 41% of the total SHIB supply, valued at $3.95 billion. This wallet’s role in removing tokens from circulation has contributed to SHIB’s scarcity.
Among the major holders, Binance, a prominent cryptocurrency exchange, owns several wallets containing trillions of SHIB tokens. Binance’s influence on SHIB’s market dynamics is undeniable, with three significant wallets holding $765 million in SHIB tokens.
Robinhood, another popular exchange, has secured its position as the fifth largest SHIB holder, with 27 trillion SHIB tokens valued at $258 million. Additionally, OKX ranks as the seventh largest SHIB holder, possessing 10.7 trillion SHIB worth $107 million. Other exchanges like Crypto.com, KuCoin, and Kraken also hold significant amounts of SHIB, further emphasizing the influence of exchanges on SHIB’s distribution.
Recent Developments and Price Trends
In recent times, Shiba Inu has experienced a notable price increase. Several developments, including the asset’s burning mechanism and the advancement of the layer-2 blockchain solution, Shibarium, attribute to this uptrend.
The burning mechanism has been active, with over 17 billion SHIB tokens burned recently. Additionally, the burn rate spiked by approximately 2,500% on December 27, destroying more than 136 million SHIB tokens. These actions aim to reduce SHIB’s circulating supply, increasing its potential scarcity and value over time.
At the time of writing, SHIB is trading at $0.00001065 recording a 24-hour decrease of 0.60%. Notably, the token has maintained a price above $0.000010 for ten consecutive days, marking its longest stint above this price level in several weeks.
