Despite the bear market, Ethereum whales prefer Shiba Inu (SHIB), and some have accumulated a large holding of the memecoin. So, Who own the most SHIB( SHIB whale)?
What is Shiba Inu?
Shiba Inu, which is very popular on the Ethereum blockchain, appears to be on its way to becoming much more than a memecoin. This is due not only to its community's unwavering support, but also to the growing number of projects within its ecosystem. The token appears to be popular among Ethereum whales, as it frequently ranks first in the list of ETH network transactions.
SHIB whales : how much do they own?
The Burn Wallet, also known as the Dead wallet, is the most extensive SHIB token wallet. This is where all tokens are burned and thus removed from circulation. At the time of writing, it was worth $4.8 billion. This wallet is constantly expanding, with over 4 million additional tokens added every 12 hours.
Vitalik Buterin, the creator of the Shiba token, who donated 50% of the total supply, has also made significant contributions to the development of this Dead Wallet by transferring 90% of the tokens he received from Ryoshi.
We can see similar amounts of holdings from the various lists of wealthy holders, with 12-15 wallets owning more than 1% of the outstanding supply of the project's more than one million holders.
14 wallets on Watcher Guru's rich list contain the equivalent of more than $100,000,000 in SHIB.
Other holders
We notice that the number of tokens held by the other main holders is similar, with no monopoly from a specific whale. In fact, most whales own between 2-3% of the tokens, and none own more than 10% of the total circulating supply. This is in contrast to what can be seen on some crypto projects.
Why Ethereum Whales Are Buying Shiba Inu
The increased burning of SHIB tokens is most likely one of the factors driving Ethereum whales' bullish behaviour. Although the number of coins in circulation has not been significantly reduced, an aggressive burning strategy could increase the price of Shiba Inu in the long run.
There are also some potential Shiba Inu catalysts on the way. The Shibarium layer-2 solution is now expected to launch in the third quarter of 2022, which is arguably the most significant of these in the short term.
The Shiba Inu metaverse is also set to debut later this year. Virtual land sales in the metaverse are already underway.
Aside from these considerations, keep in mind that Ethereum whales have long been drawn to Shiba Inus. For months, the meme coin has ranked among the top non-Ethereum holdings for Ethereum whales..
