Top 10 Shiba Inu Holders: Who Owns the Most SHIB in 2024?

KEY TAKEAWAYS

The surge of meme coins has pushed Shiba Inu (SHIB) forward, further highlighting why it is important for future investors to know who the biggest SHIB holders are letting newbie investors dive into market dynamics and weed out potential market manipulation. This article looks at the impact of celebrity endorsements on this popular cryptocurrency and how did Buterin’s decision to burn a majority of his SHIB holdings impact the token’s ownership. 

Meme coins are on a bullish run as we pass the New Year, with Shiba Inu (SHIB) currently surpassing a strong resistance level with over 6 trillion SHIB tokens purchased.

SHIB originated as an experiment in 2020, created by an anonymous person or group using the pseudonym Ryoshi, similar to how Bitcoin (BTC) was created. The cryptocurrency had managed to gain popularity thanks to its mascot – the Shiba Inu dog from the popular Doge meme, similar to Dogecoin (DOGE).

As the popularity of meme coins is on the rise again, this article looks at who has the most Shiba Inu at the end of 2023.

Who Owns the Most SHIB?

Due to their significant token holding, identifying who owns the most SHIB could be crucial to understanding how much influence such whales could yield over the cryptocurrency industry.

In addition, understanding who the biggest SHIB holders are could help investors comprehend the distribution and concentration of ownership within the cryptocurrency, Ryan Lee, the chief analyst from Bitget Research, said.

“Identifying these major holders provides investors with insights into potential market manipulation or influence that could affect the token’s price and stability. Investors often track whale activities to guide their investment decisions.

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“If a whale is accumulating or divesting, it may signal a change in market sentiment. For businesses and analysts, understanding whale behavior can offer strategic insights into market trends and investor behavior in the cryptocurrency space,” he added.

READ MORE: How to Buy Shiba Inu – Beginners Guide 2024

Moreover, because SHIB whales have the potential to manipulate the market, this raises a number of ethical concerns, which in turn could challenge the notion of cryptocurrencies as a decentralized financial system.

Akash Mahendra, head of developer relations at Haven1, explained:

“Whales’ influence on price volatility challenges the notion of cryptocurrency as a democratized financial system and the disproportionate power of whales questions the legitimacy of SHIB as a decentralized currency.”

SHIB was created to have a total supply of one quadrillion coins, however, due to its significantly low price, investors can hold millions or even trillions of SHIB tokens, making the emergence of Shiba Inu millionaires or even billionaires a much easier task.

However, in April 2022, SHIB creators launched a coin-burning portal in order to decrease the cryptocurrency’s circulating supply and thus help boost its price a little.

As of the start of January 2024, the total circulating supply of SHIB surpasses 589 billion coins, according to data published on CoinmarketCap.

According to data published on Etherscan, the top 100 SHIB holders collectively own 79.09% of the token’s total circulating supply. CoinCarp gives similar data, noting that the total amount of SHIB owners surpasses 1 million individual wallet holders. The top 10 SHIB holders own over 59% of the token’s total circulating supply, meanwhile the top 100 over 79%.

The Top 10 Biggest SHIB Holders

  1. 0xdead000000000000000042069420694206942069

Balance – 490 trillion SHIB, which amounts to 41.04% of the total circulating supply.

  1. 0xf3b0073e3a7f747c7a38b36b805247b222c302a3

Balance – 42 trillion SHIB, which amounts to 4.27% of the total circulating supply.

  1. 0x5a52e96bacdabb82fd05763e25335261b270efcb

Balance – 40 trillion SHIB, which amounts to 4.07% of the total circulating supply.

  1. 0xf977814e90da44bfa03b6295a0616a897441acec

Balance – 30 trillion SHIB, which amounts to 3.1% of the total circulating supply.

  1. 0x40b38765696e3d5d8d9d834d8aad4bb6e418e489

Balance – 20 trillion SHIB, which amounts to 2% of the total circulating supply.

  1. 0x422193843fe209faa94f5cc1780e04965e77cb7f

Balance – 13 trillion SHIB, which amounts to 1.36% of the total circulating supply.

  1. 0x6cc5f688a315f3dc28a7781717a9a798a59fda7b

Balance – 10 trillion SHIB, which amounts to 1% of the total circulating supply.

  1. 0xf28d22c8b25ff8fa961e305bba701918ddc3339a

Balance – 10 trillion SHIB, which amounts to 1% of the total circulating supply.

  1. 0x99c1406452470cfce0fadd355c41077593680e76

Balance – 10 trillion SHIB, which amounts to 1% of the total circulating supply.

  1. 0x31987132665ae1cbbb64b73f728cc81340486cef

Balance – 10 trillion SHIB, which amounts to 1% of the total circulating supply.

According to CoinCarp, the account linked to the biggest SHIB holder is a null account, where all tokens have been burned and removed from circulation.

Considering the fact that at the time of SHIB’s launch, the developers had donated 50% of the total supply to Vitalik Buterin, the creator of Ethereum (ETH), who had donated over 50 trillion tokens and burned 90% of his remaining holdings, this account is speculated to have been owned by him.

Other top holders of Shiba Inu include top cryptocurrency exchanges, including Binance, Robinhood, and OKX.

Losing Major SHIB Owners: Buterin Burning His Holdings

Buterin’s decision to burn most of his SHIB holdings has significantly affected the cryptocurrency’s overall ownership, Bitget Research’s Lee told Techopedia.

“By destroying a large portion of his holdings, Buterin has effectively reduced the supply of SHIB tokens in circulation. This action has a deflationary effect, potentially driving up the value of the remaining tokens.”

However, at the same time, Lee noted that such a move could have been seen as a move towards greater decentralization, a core principle in the cryptocurrency industry.

“Prominent figures like Buterin burning a substantial amount of tokens might be seen as a gesture indicating confidence in the cryptocurrency’s long-term viability. This action could also provide reassurance to investors, indicating that a sudden disruption to market stability through a massive sell-off of a large holding is less probable.”

On the other hand, Haven1’s Mahendra noted that Buterin’s action had displayed immense control as it had the power to influence the market and ownership structure.

He added: “Buterin’s burn raises questions about market manipulation under the guise of altruism and challenges the idea of true decentralization in cryptocurrencies. Buterin’s preference for charities over being a crypto powerhouse points to a complex interplay between wealth, power, and philanthropy in the crypto world.”

SHIB Ownership Influenced by Speculation

Due to its nature as a meme cryptocurrency, SHIB’s ownership is influenced by the speculative nature inherent in meme cryptocurrencies, Bitget Research’s Lee noted.

“As a meme cryptocurrency, SHIB’s ownership dynamics can be influenced by the speculative nature inherent in meme investments. The meme nature of SHIB frequently draws in retail investors seeking rapid gains, causing ownership fluctuations as individuals buy and sell based on hype and trends.”

In addition, Lee added that the meme nature of SHIB frequently draws in retail investors seeking rapid gains, causing ownership fluctuations as individuals buy and sell based on hype and trends.

“This behavior often leads to swift changes in ownership concentration as speculative traders enter and exit the market. Such speculative essence of meme cryptocurrencies can introduce volatility and unpredictability, emphasizing investors’ importance in closely monitoring SHIB’s ownership dynamics. This volatility often leads holders to prefer holding smaller quantities in hopes of high returns.”

SHIB Holders: Celebrity Accumulation

When celebrities express interest in cryptocurrencies, their actions can influence market sentiment and the popularity of the specific tokens.

Bitget Research’s Lee noted:

“When celebrities publicly show interest in SHIB by accumulating the token, it can attract attention and interest from their fan bases and the broader public.”

With major celebrities like Elon Musk, the owner of X (formerly Twitter), endorsing DOGE, for example, SHIB’s price and ownership can also be influenced by that because the two tokens often move in unison, thanks to the fact they both sport the Doge meme as their mascot.

The Bottom Line

Haven1’s Mahendra noted that the high concentration of SHIB ownership hints at potential market collusion and suggests a ticking time bomb for market stability.

On the other hand, Bitget Research’s Lee highlighted that the distribution of SHIB holdings is relatively dispersed, with a significant portion of tokens being burned and the remaining distributed evenly across various exchanges.

As SHIB experiences a bullish trend in late 2023, knowing who the top SHIB holders are becomes an integral part of tokenomics. Top SHIB holders can have significant influence over where the future price of the cryptocurrency could be headed towards, which is why transparency about knowing who they are is essential to future investors.

It’s essential to conduct in-depth research and invest solely within your financial comfort zone, acknowledging the possibility of total loss. This investment is high-risk, and you should be prepared for the absence of safeguards in adverse scenarios. Take 2 mins to learn more.

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Iliana Mavrou

Iliana graduated from City, University of London, with a degree in Journalism in 2021. Since then, she has covered the crypto, finance and technology sectors for a number of publications. This includes Capital.com, where she reports on complex topics related to blockchain technology and cryptocurrencies in general. Iliana is currently pursuing a Master's degree in Communication.