8 Whales Control 70% Of Shiba Inu Supply

A handful of market participants could largely be responsible for Shiba Inu’s SHIB/USD seemingly unstoppable rally.

What Happened: At publication Thursday, Shiba Inu is the 10th-largest cryptocurrency with a current market cap of $39.9 billion, according to CoinMarketCap, after continuing to rally for the third consecutive week.

The coin was trading at $0.00007271, gaining 11.66% and more than 900% since the beginning of October.

Shiba Inu’s earliest holders have made astounding returns on their initial investments. One particular token holder turned $17.53 invested in November 2020 into $5.8 million in May 2021. Today, his initial investment is worth more than $15 million, according to Etherscan.

Data from The Block shows that aside from exchanges and burning addresses, large Shiba Inu holders have benefited immensely from the coin’s meteoric rise.

The Block defines whales as those holding more than 1% of Shiba Inu's circulating supply and defines investors as those that hold between 0.1% to 1% of tokens in circulation. All other wallet addresses are defined as retail traders.

According to The Block, just eight whales control 70.52% of the Shiba Inu supply, with one whale holding 41.03% of the circulating supply.

Price rallies have often followed whales buying large amounts of Shiba Inu tokens. Most recently, an Ethereum whale bought 277 billion SHIB tokens for $11.5 million.

Photo by Todd Cravens on Unsplash