Shiba Inu ownership concentration is under scrutiny
The total market value of the Shiba Inu token surged to over $ 51 billion last week, overtaking Dogecoin.
This fact has placed the token in the top 10 cryptocurrencies in existence, even though its origins as a meme rob it of a significant fundamental economic reason to thrive.
Subsequently, the madness cooled down as one of the whales moved the coins to different wallets, raising concerns that their owner was going to sell and the market value of the coin dropped by 31% to about $ 35 billion.
The dog coin drama is the latest episode that highlights the fact that despite the abundance of transparency in the marketplace, where every transaction is recorded on the blockchain for all to see, the anonymity of the players involved creates a mirror effect because no one knows exactly who is doing what.