Shiba Inu Soars Knocking Dogecoin Down a Notch — 20 Holders Own 75% of the SHIB Supply

The meme-based digital asset shiba inu has entered the top ten largest crypto assets by market capitalization, knocking dogecoin down a notch. In the last 30 days, the shiba inu token climbed 976% capturing a market cap of over $40 billion. Meanwhile, the concentration of shiba inu whales is still quite large these days alongside the massive circulating supply of 549 trillion tokens.

This week the crypto asset shiba inu (SHIB) reached an all-time high (ATH) on a few occasions, including today, during the early morning trading sessions. SHIB’s ATH was around $0.00008616 and then the value subsequently dipped 11% below the high. SHIB’s market valuation has soared to $40 billion and it has allowed the shiba inu token market to enter the top ten crypto assets. Shiba inu managed to knock dogecoin (DOGE) down a notch as well from the ninth position to the tenth.

SHIB is mostly traded with tether (USDT) these days as USDT commands over 76% of all SHIB’s trades during the last 24 hours. SHIB/USDT pairs are followed by BUSD (13.13%), TRY (4.96%), EUR (3.10%), and USD (0.84%).

The top SHIB exchange today is Binance followed by Huobi Pro, Okex, Coinbase, and Poloniex. While BTC’s trade volume is around $45 billion on Thursday, SHIB’s is just a hair lower with $41 billion in 24-hour swaps across the globe.

Meanwhile, there’s a whole lot of SHIB in circulation, even after Vitalik Buterin gave away 1 trillion tokens and the network’s deflationary features. Today there are 549 trillion SHIB tokens in existence, which is far from being scarce like other crypto assets such as bitcoin. Bitcoin’s whale concentration is far lower as the rich list is around 14.65% while SHIB’s rich list is shockingly different. BTC’s concentration by large holders, according to Into the Block stats, is only 11%.

According to coincarp.com’s data, 10 holders are hoarding 71.90% of the circulating supply. Some of these wallets are operated by crypto exchanges like Binance and Crypto.com. Out of 838,305 unique addresses (holders), 20 holders command 75.95% of the supply. As the circulating supply of BTC on Wednesday is 18,856,937, it is much smaller than the 549,153,115,436,361 SHIB in existence today. The top 100 SHIB holders out of the 838,305 own 80.48% of the SHIB supply.

What do you think about SHIB making it into the top ten digital currencies by market cap and knocking dogecoin down a notch? What do you think about SHIB’s concentration with large holders? Let us know what you think about this subject in the comments section below.