Users Claim High Centralization Of Shiba Inu

The well-known transaction tracker WhaleStats has published data according to which 10% of the Shiba Inu cryptocurrency (SHIB) supply is concentrated in the hands of large holders. The experts analyzed 2 thousand wallets of the leading Ethereum whales. They found out that in addition to stablecoins and Ethereum itself, market participants own many virtual assets dedicated to my Shiba Inu and my dog.

Their wallet balances hold just over 1/10th of the total supply, worth about $660 million. The market capitalization of the cryptocurrency itself was $6.59 billion as of 16:20 Moscow time on August 7, 2022. Many users were wary of such statistics. They said: the project is too decentralized. They think it is hazardous when a small group owns such a percentage of assets. This can lead to market manipulation.

Many also pointed out that the total holdings of whales in SHIB tokens significantly exceed those of Decentraland (MANA), Chainlink (LINK) and Polygon (MATIC) cryptocurrencies.

Market experts said: that the Shiba Inu project continues to develop. Not so long ago, the startup team celebrated its second anniversary. Also, last week, the developers revealed details about the long-awaited new blockchain game Shiba Eternity, which will be released with the help of specialists from PlaySide Studios. In addition, Binance has added SHIB to the list of currencies that can be used to pay with a Binance Card.