Small cryptocurrency fund distribution is usually a topic of debate, especially when the majority of the supply is held by a single wallet. A similar debate erupted recently after Twitter users noted that ten wallets have 72 percent of the total SHIB supply, yet just one wallet is responsible for 51 percent of it.
The wallet that currently holds 410 trillion SHIB tokens has a simple history: it was created as a “burn wallet” address to remove a portion of the supply from circulation for whatever reason.
Because money submitted to the burn wallet cannot be retrieved by just anybody, they are not eligible for a refund or any other purpose. Vitalik Buterin, who received a huge amount of SHIB tokens some time ago, performed the wallet’s largest transaction.
SHIB/USD 1 DAY PRICE CHART: SOURCE – Coinmarketcap.com
Some of the tokens were donated to an Indian charitable foundation, while the rest were destroyed by the Ethereum developer to maintain the network stable and decentralized.
Despite the fact that the burn address accounts for 51 percent of the 72, the remaining 20 are not retail dealers. Exchange wallets are ranked 5th and 6th on the list of the biggest addresses.
The Crypto.com wallet has 25 trillion meme-based tokens, whereas the Binance wallet has 37 trillion Shiba Inu tokens. Only 29 billion tokens have been added to the final wallet in the previous 24 hours. SHIB is now trading at $0.00005081, representing a 13 percent retracement from the last high set on Nov. 5.