Funds distribution of small altcoins is always a point of discussion, especially when the majority of the supply is being held by only one wallet. The same discussion recently appeared after Twitter users noticed that 72% of the total SHIB supply is being held in 10 wallets, but only one wallet is accountable for 51% of it.
The 51% wallet
The history behind the wallet that currently holds 410 trillion SHIB tokens is simple—it is a "burn wallet" address created to remove some part of the supply from circulation for one reason or another.
The burn wallet cannot be accessed by just anyone; hence, funds sent there are not eligible for a refund or any use at all. The largest transaction involving the wallet was made by Vitalik Buterin, who some time ago received a large volume of SHIB tokens.
Some part of the tokens were donated to a charitable foundation in India, and the other part was burned by the Ethereum developer in order to keep the network stable and more decentralized.
Remaining whales
Though the burn address makes up 51% of those 72, the remaining 20 are not retail traders either. On the list of the largest addresses, exchange wallets maintain 5th and 6th places.
Binance wallet 8 currently holds 37 trillion Shiba Inu tokens, and the Crypto.com wallet owns 25 trillion meme-based tokens. The last wallet has only received an additional 29 billion tokens in the last 24 hours.
At press time, SHIB is trading at $0.000054 and going through a 13% retrace from the previous top that was reached on Nov. 5.
Alex Dovbnya
