Dog-themed “meme” cryptos Dogecoin (DOGE) and Shiba Inu (SHIB) have gained notoriety over the past year after their values skyrocketed. That made many of their early investors rich overnight.
Dogecoin is a cryptocurrency that exists on its own blockchain like Bitcoin (BTC). On the other hand, Shiba Inu is a token that runs on the Ethereum (ETH) blockchain. But these cryptos are often compared thanks to their meme appeal.
The valuations of both coins are based more on that appeal than on their fundamentals.
However, just a few portfolios hold the majority of Dogecoin and Shiba Inu coins. In the cryptocurrency market, these big investors are known as “whales.” And if the whales hold Dogecoin and Shiba Inu hostage, it could pose a concern for retail investors.
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DOGE and SHIB: Swallowed by Whales?
Recently, concerns that a large whale has gulped down nearly 40% of DOGE’s $21.8 billion market cap circulated on Reddit’s main crypto-related threads. This would represent a holding of about $5 billion in Dogecoin.
According to the most recent data, DOGE’s distributionl today stands at 44.22% in the top 10 Dogecoin holders worldwide, 63.92% in the top 100, and 79.73% in the top 1,000. See below:
Figure 2: Dogecoin’s wealth distribution.
The identity of the large whale who owns such a significant amount of DOGE is…
