The star of the cryptocurrency world these days shiba Inu, named after the same breed of dog that inspired the market former unlikely meme _coin darling dodge coin.
Meanwhile the total market value of the coin soared over the dodgecoin to more than $51 billion last week and was ranked among the top 10 cryptocurrencies in existence.
Most of the shiba token in existence are controlled by “Whale” wallet. One of the whales has been moving the coins into different wallets.there were four transactions out of the account yesterday,each sending $695million of SHIB to a different account.Raising concern and the holders are about to sell.
The ownership of shiba Inu is by the top 10 who own almost 72% of the coin. There are many pockets of the crypto market where coin ownership is still highly concentrated, more than 13,500 cryptocurrencies are majorly owned by a handful of wallets. A small percentage of the user control everything.
“Legitimate crypto has a solid underlying economic case, its value does not depend heavily on who holds how much of it”, but for crypto with no underlying economics whose value is determined only by speculation, concentrated ownership suggests a rigged game.