Shiba Inu Lead Responds To Worries About Ownership of Billion Dollar SHIB Wallets
In a recent update, numerous claims have been made about the control of several significant SHIB addresses, which collectively hold a substantial portion of SHIB’s circulating supply. These claims have raised concerns about potential market impact in the event of large-scale sales from these wallets.
Shiba Inu Lead Response
In response, Shiba Inu’s lead developer, Shytoshi Kusama, addressed these assertions and urged caution among community members. He refuted the idea that any individuals outside of known exchanges have control over these substantial wallets.
Kusama challenged those making such claims to provide clear proof of ownership before further misleading the community. He suggested that claimants could validate their ownership by transferring a specific amount of SHIB from the alleged wallet to another address, thereby establishing their connection to the wallet in question.
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Overview of SHIB Holders
It’s important to note that data from Arkham Intelligence indicates that the top 11 largest SHIB holders are exchanges such as Binance, Upbit, Crypto.com, Robinhood, BitGo, and OKX. These exchanges typically hold substantial amounts of SHIB on behalf of their users and do not represent individual ownership.
However, the top 20 SHIB holders include six addresses not associated with exchanges. Each of these six addresses holds 5 trillion SHIB tokens, making them significant non-exchange wallets in the ecosystem. Collectively, these addresses hold 30 trillion SHIB tokens, approximately 5% of the total circulating supply.
Despite the substantial amount of SHIB held by these wallets, no tokens have been moved in nearly three years. The prolonged inactivity has sparked speculation within the community, as market participants question the identity and intentions of the wallets’ owners. Meanwhile, the ownership claims of these wallets remain unverified, the Shiba Inu community remains vigilant. Large-scale sales from these wallets could potentially induce volatility in the SHIB market. Nonetheless, Kusama’s response aims to alleviate some of these concerns.
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Dr. Olajide Samuel juggles the demands of medical studies with a passion for cryptocurrency. A seasoned blogger, Olajide shares his vast global knowledge of the crypto space, offering insights to enthusiasts. Despite his busy schedule, his commitment to crypto remains strong, and he actively seeks ways to contribute to its future.
