from : Techopedia (web)
Who Owns the Most SHIB?
Due to their significant token holding, identifying who owns the most SHIB could be crucial to understanding how much influence such whales could yield over the cryptocurrency industry.
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In addition, understanding who the biggest SHIB holders are could help investors comprehend the distribution and concentration of ownership within the cryptocurrency, Ryan Lee, the chief analyst from Bitget Research, said.
"Identifying these major holders provides investors with insights into potential market manipulation or influence that could affect the token's price and stability. Investors often track whale activities to guide their investment decisions."
"If a whale is accumulating or divesting, it may signal a change in market sentiment. For businesses and analysts, understanding whale behavior can offer strategic insights into market trends and investor behavior in the cryptocurrency space," he added.
Moreover, because SHIB whales have the potential to manipulate the market, this raises a number of ethical concerns, which in turn could challenge the notion of cryptocurrencies as a decentralized financial system.
Akash Mahendra, head of developer relations at Haven1, explained:
"Whales' Influence on price volatility challenges the notion of cryptocurrency as a democratized financial system and the disproportionate power of whales questions the legitimacy of SHIB as a decentralized currency."
SHIB was created to have a total supply of one quadrillion coins, however, due to its significantly low price, investors can hold millions or even trillions of SHIB tokens, making the emergence of Shiba Inu millionaires o even billionaires a much easier task.
However, in April 2022, SHIB creators launched a coin-burning portal in order to decrease the cryptocurrency's circulating supply and thus help boost its price a little.
In February 2024, Shiba Inu announced it was working with an open-source cryptography company called Zama to create a privacy-data layer on top of the Shibarium Layer 2.
