Blockchain sleuths sound the alarm over high concentration of SHIB tokens in just 10 wallets
According to an article by Bloomberg, recent movements of SHIB made by the few whales that hold the largest percentage of circulating Shiba Inu tokens in their wallets have alerted crypto forensics firms.
Is the SHIB stellar rally over?
Last week, the market value of this meme soared to over $ 51 billion, and SHIB managed to make it into the top 10 list, grabbing ninth place with Dogecoin just behind in 10th place. .
By now, the market cap has plunged by around 31%, dropping to $35 billion. The coin’s price has risen from its recent all-time high of $ 0.00008845 reached on October 28 to the level of $ 0.00005757.
High concentration of SHIB in few wallets worries experts
As reported by U.Today on Wednesday, Nov. 3, a large cryptocurrency investor with Shiba Inu holdings totaling more than 20 trillion coins has recently seen this amount of crypto surge to a staggering $5.7 billion.
Initially, last year in April, he / she invested up to $ 8,000 in the meme token which was proclaimed “Dogecoin killer” and has become the second largest meme coin now. In “Uptober,” the coin posted an overall rise of 825%.
This whale has moved around 10 trillion SHIB worth $2.7 billion.
According to the tracker on CoinMarketCap, 71% of SHIB is owned by just 10 addresses. A total of 80.27% of the entire SHIB offering is held by the top 100 portfolios. In total, 872,382 wallets hold this cryptocurrency meme.
Bloomberg has cited several experts from blockchain sleuth companies that are worried about the uneven concentration of Shiba Inu coins.
Initially, according to the article, Bitcoin and Ethereum also had a high concentration of coins in several wallets, and the whales that owned them could influence the market. However, over the past few years, BTC and ETH ownership has become much less concentrated. Today, for example, around 2,000 wallets hold more than 40% of the flagship crypto, according to data from BitInfoCharts.
SHIB petitions for Amazon and Robinhood gain steam
As reported by U.Today previously, a petition started on Change.org that asks for Shiba Inu to be listed by the popular trading platform with low fees, the Robinhood app, has gained almost 500,000 signatures already.
CEO Vlad Tenev, however, said the platform is waiting for clearer regulatory guidance on parts that can potentially be listed, including SHIB. Besides, it has safety concerns that are preventing Robinhood from doing it.
Apart from that, three petitions asking Amazon to start accepting SHIB have already garnered nearly 175,000 signatures on Change.org.
