Some Twitter users noticed that 72% of the total SHIB supply is being held in 10 wallets, but only one wallet accounts for 51% of them. Is this Tesla CEO Elon Musk?
Elon Musk has become $35 billion poorer in just one day
The wallet currently holding 410 trillion SHIB is a burn wallet address created to remove some part of the supply from circulation for one reason or another. It is known that burn wallets cannot be accessed by just anyone; hence, funds sent there are not eligible for a refund or any use at all. The largest transaction involving the wallet was made by Vitalik Buterin, who some time ago received a large volume of SHIB tokens.
Source: Watcher
Some of the SHIB tokens were donated to a charity in India, and another part was burned by the Ethereum developer to keep the network stable and more decentralized. Though the burn address makes up 51% of those 72, the remaining 20 are not retail traders either. On the list of the largest addresses, exchange wallets maintain 5th and 6th places.
The Binance 8 wallet currently holds 37 trillion Shiba Inu tokens and the Crypto.com wallet holds 25 trillion tokens based on the meme. The last wallet received only 29 billion more tokens in the last 24 hours.
Elon Musk is known to be a frequent supporter of meme coin. So it is expected that he will be the owner of SHIB. However, that doesn’t seem to be the case. In fact, according to the Bloomberg Billionaire Index, Tesla CEO’s personal net worth has dwindled by a staggering $35 billion in just one day.
Source: Bloomberg
This figure is equivalent to the entire market capitalization of Dogecoin. According to Bloomberg, this is the deepest two-day drop in history.
Read more:
- Elon Musk Is Once Again Trolling His Cryptocurrency Followers
- Elon Musk Intends To Sell 10% Of His Tesla Stock – Is It To Buy More Bitcoin?