Shiba Inu is now the most invested coin between October and November. The Dogecoin killer is attracting many investors worldwide, making small fish millionaires overnight. The value of the meme coin is rising every day thanks to whales who have been buying SHIB massively in the crypto market. SHIB is currently trading at $0.00003783.
Just recently, another crypto whale has amassed SHIB worth $2.6 million. The coin is now ranking 13th according to Coingecko after a slight drop that took place two days ago, which has made the whale add more SHIB coins to his holdings.
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Notably, the whale moved coins from one wallet to another, which had now raised concerns when he was about to sell. According to Aaron Brown, a crypto investor, the legitimacy of crypto transparency on transactions can be seen in SHIB. It does not match the transactions to specific individuals.
Shiba Inu and Crypto Ownership
This has brought SHIB ownership is now the talk of the day after another whale made about four transactions were discovered, each amounting to about $695 million in SHIB, making a total of $2.78 billion.
SHIB addresses are busy filling up. After surging high in the last two months, Shiba Inu has fallen 30% in the previous 24hrs and 48% in the whole month.
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However, it is not the first coin to raise concerns about ownership. Bitcoin and Ethereum are in that category too. But their rights are down, especially after big companies and institutions began investing in crypto.
DeFi is also making it hard to identify the owners of the crypto wallets. According to Antonio Juliano, Founder of DeFi dYdX exchange, DeFi creates tokens to allow users to borrow, lend and earn a small percentage. However, only a few crypto trading platforms push for this volume.
Shib Whale Domination
According to analysis from experts, whales are fully responsible for the price surge in Shiba Inu since last month, with transactions amounting to $100k and above. This accounts for about 300% price jumps.
This tremendous growth has made SHIB holders benefit from this whale support. According to analysts and experts, the SHIB whale’s domination is about 80%. This raises the question of what happens if the whales decide to sell-off.
The growth still holds a lot of skepticism partly because of the one quadrillion supply. According to investors, this makes it pointless. To some, SHIB is more than a meme coin, especially now that developers are trying to find its use, like being used for payments of products and services.
It is also expanding its ecosystem, including DEX and NFT support. Apart from whale domination, SHIB is also receiving acceptance by several exchanges like Coinbase and Binance. Recently Robinhood added SHIB to its listing attracting about 1.2 million potential Shiba Inu investors.
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A few months back, Coinbase users received about $181 million worth of SHIB. To many people’s amazement, he returned the coins. The debate on the meme coin continues. However, whale domination is of great concern.