It is clear from the statistics compiled by Etherscan.io that three anonymous wallets have recently transferred a total of 6,087,952,185,063 (6.08T) Shiba Inu (SHIB) to a Coinbase wallet labelled “Coinbase 10”. Valued at $65,445,484 ($65.44M) in total, the three wallets sent Coinbase 10 1.92T SHIB or $20.64M; 2.24T SHIB, valued at $24,159,068 ($24.15M); and 1.92T SHIB or $20.64M.

The motivations behind the transfers are unknown, while Shiba Inu's price has dropped significantly, being valued at $0.00001071, showing a decrease of 2% in the last 24 hours.

While Coinbase is believed to be the largest holder of SHIB, the fact is that it is not. The project has several supporters, holding the cryptocurrency in more than 1.2 million different wallets. Furthermore, the largest holder of SHIB is not Coinbase, but a burnt wallet with 41% of the total SHIB supply, that was obtained via various burns. The second biggest holder is an unnamed investor, with 48 trillion SHIB, or 8% of the entire supply as of the start of this year.

The Ethereum co-founder, Vitalik Buterin, was given half of the entire supply of Shiba Inu by the foundation. However, he eventually gave 10% of the tokens to an Indian Covid relief fund, and the rest he burned.

All in all, it is true that Coinbase is a large holder of Shiba Inu, but the fact is that there are other much larger holders, and the majority of SHIB is held in a burnt wallet, while the second largest holder is an unnamed investor.



Other News from Today