Shiba Inu Lead Debunks Claims of Billion-Dollar SHIB Wallet Ownership

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The Shiba Inu community has faced growing concerns over claims about the ownership of large SHIB wallets. Recently, several individuals have alleged they control high-value SHIB addresses that hold a significant portion of the circulating supply, sparking fears of potential large-scale sell-offs that could affect the market.

Kusama Debunks Ownership Claims

Shytoshi Kusama, Shiba Inu’s lead developer, addressed these concerns through a post on X. He firmly dismissed the idea that any individuals, apart from known exchanges, own these massive wallets.

It's come to my attention that individuals have claimed to own the BILLION dollar Shib wallets. I suggest interested parties confirm this is the case before blindly believing such a wild claim. Here's an easy way to confirm: 1/2
— Shytoshi Kusama™ (@ShytoshiKusama) October 14, 2024

Kusama urged caution among community members, advising them not to believe such claims without concrete evidence. He encouraged those making these assertions to prove their ownership by sending a specific amount of SHIB from the wallets in question to another address, which would confirm their connection to the alleged wallets.

Kusama stressed that until someone can prove their claims by transferring a precise number of SHIB tokens, investors should view these statements as baseless. He warned that such claims could mislead the community, creating unnecessary panic and damaging market sentiment.

Data on Large SHIB Wallets

According to data from Arkham Intelligence, the top 11 largest SHIB holders are primarily exchanges, including major platforms like Binance, Upbit, Crypto.com, Robinhood, BitGo, and OKX. These platforms hold substantial amounts of SHIB on behalf of their users, meaning the wallets do not belong to individuals.

However, six of the top 20 SHIB wallets are not linked to exchanges. Each of these wallets holds around 5 trillion SHIB tokens, collectively controlling 30 trillion SHIB, or 5% of the total circulating supply.

Community Speculation and Market Concerns

Five of these wallets received their tokens in November 2021 from a single address, “0x2…e5E,” which had itself received SHIB between February and March 2021. However, the community has speculated about the wallets, as no tokens have been moved in nearly three years. Some believe long-term investors hold these wallets, while others think entities are waiting for a specific event.

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— Cryptoboom (@Cryptoboom29884) April 15, 2024

While ownership claims remain unverified, the Shiba Inu community remains cautious about the potential market impact if these wallets were to suddenly sell. Kusama’s response aims to reassure investors and reduce panic.