A recent analysis by Santiment has shed light on the concentrated distribution of Shiba Inu (SHIB) tokens, revealing that a small group of investors holds a significant majority of the cryptocurrency’s supply. According to the report shared on X, the top 10 wallets control approximately 613 trillion SHIB, representing 61.3% of the total supply. This high concentration of ownership introduces both risks and opportunities for the SHIB market, as the actions of a few major holders could significantly impact its price.
The influence of large SHIB holders, commonly referred to as whales, cannot be underestimated. If any of these major investors decide to sell a substantial portion of their holdings, it could trigger a sharp price decline. Conversely, if they continue to accumulate or hold their assets, it may indicate confidence in SHIB’s long-term potential, potentially stabilizing the market for smaller investors.
One notable example of whale influence in the SHIB ecosystem occurred in 2021 when Ethereum co-founder Vitalik Buterin received a massive allocation of SHIB from its anonymous creator, Ryoshi. Buterin later burned 90% of these tokens, effectively removing them from circulation to increase scarcity. This move contributed to SHIB reaching its all-time high, demonstrating how major token movements can shape market trends.
While the “0xdEAd” wallet, which contains over 410 trillion SHIB from Buterin’s burn, no longer impacts market liquidity, it is still factored into calculations of the largest SHIB holders, sometimes distorting perceptions of ownership distribution.
In addition to these burned tokens, Arkham Intelligence data shows that the remaining 203 trillion SHIB controlled by top holders is distributed across nine other wallets. Many of these belong to major cryptocurrency exchanges such as Binance, Robinhood, Crypto.com, Upbit, Bithumb, and OKX, which hold large reserves primarily for trading and liquidity purposes.
However, some of the largest SHIB wallets remain shrouded in mystery. For instance, the wallet labeled “0x2d7A” holds approximately five trillion SHIB, valued at nearly $75 million, yet its ownership remains unidentified. Furthermore, five additional wallets, each containing five trillion SHIB, were funded by the same source three years ago and have remained inactive since then. Some speculate that these wallets may belong to Ryoshi, further deepening the intrigue surrounding SHIB’s distribution.
Critics argue that such concentrated token ownership could lead to centralization concerns, similar to those faced by XRP, which has been scrutinized due to Ripple’s significant escrow holdings. If SHIB’s distribution continues to follow this pattern, it may deter new investors wary of potential market manipulation by a handful of powerful players.