Shiba Inu (SHIB) is a Dogecoin (DOGE) spin-off that began as a joke but has since grown in popularity to the point that it now has a market capitalization equal to DOGE. Despite the fact that the week did not start off well for SHIB, as Tesla and SpaceX CEO Elon Musk appeared to publicly reject the decentralized token in favor of DOGE, on-chain data suggests that a few whales may be mostly responsible for the meme coin’s latest climb.
The meme-based crypto coin has surpassed Dogecoin to become one among the top 10 most valuable crypto assets by market capitalization.
According to crypto research firm Into the Block, eight whale accounts control 70.52 percent of SHIB circulation, with one whale holding 41.03 percent. Shiba Inu has increased by nearly 800 percent in the previous week alone, implying that all of these whales have profited handsomely from their purchases.
According to Coincarp, the circulating quantity of Bitcoin is 18.85 million, which is significantly less than the 549 trillion SHIB in circulation today. Twenty holders control 75.95 percent of the supply of 838,305 unique addresses (holders).
If you’re wondering why we’re not talking about the whale account, which controls over 41% of the market cap, it’s because the wallet linked with that account was used by Ethereum co-founder Vitalik Buterin to dump 50 trillion SHIB tokens. Buterin donated the tokens to a crypto-based COVID-19 relief fund for India in May, valued at $1 billion (approximately Rs. 7,497 crores) at the time.
The remaining 50 percent of all SHIB tokens in existence, which were sent to Buterin at the moment of the meme coin’s creation, were destroyed forever, thereby removing them from circulation.
The remaining 28.97 percent of SHIB tokens in circulation are split among seven whales, with the largest whale holding 7.02 percent of the total number of SHIB tokens in circulation.