Report Reveals Individual Wallet Holding 51% of Shiba Inu Supply
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A recent discovery surrounding the thin distribution of Shiba Inu (SHIB) has made rounds on the internet, as investors express concern over the distribution status of SHIB.
A recent report on Twitter showed that 72% of the total SHIB supply sits in only ten wallets. However, the report also revealed that 51% of that supply sits in just one wallet.
On further examination, analysts discovered that this behemoth wallet holds 410 trillion SHIB and is a “burn wallet.” This wallet is responsible for permanently removing some SHIB supplies from the market for one reason or the other.
Based on how these wallets work, the burn wallet is inaccessible to any party, making these funds permanently dormant. So far, the highest transaction involving this wallet came from Vitalik Buterin. Buterin received a significant sum of SHIB a few months ago as a strategy by Shiba Inu developers to boost the price.
While he sent some of the gifted tokens as donations to a charitable foundation in India, most of them got sent into the burn wallet to sustain network stability and decentralization.
Though the burn wallet holds 51% of the 72% SHIB supply, the remaining 21% are in just nine wallets. On the list of largest holders, crypto exchange wallets hold the number 5 and 6 positions.
Binance currently holds 37 trillion SHIB, while Crypto.com holds another 25 trillion coins.
Key Shiba Inu Levels to Watch — November 10
SHIB continues to suffer intense bearish resistance since its recent peak, as the price falls below the critical $0.00005500 line. That said, the eleventh-largest cryptocurrency appears to be trading along my descending trendline towards the $0.00004312 previous low amid neutral trading conditions.
To regain a bullish momentum, SHIB needs to break above the $0.00006000 area, bolstered by the 50 SMA, in the coming days. Failure to do so could cement a bearish continuation to the previously mentioned low.
Meanwhile, my resistance levels are $0.00005500, $0.00006000, and $0.00006500, and my support levels are $0.00005000, $0.00004500, and $0.00004200.
Total Market Capitalization: $2.94 trillion
Shiba Inu Market Capitalization: $28.9 billion
Shiba Inu Dominance: 0.98%
Market Rank: #11
