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Cryptocurrency News Video
Concerns Arise Over Whale Influence in Shiba Inu, Baby Doge, and Memecoin
Mar 07, 2024 at 09:30 am Crypto News Flash
In the world of meme cryptocurrencies, recent research indicates a significant shift in the distribution of power, with larger whales becoming increasingly dominant. A study by Power Your Own Research analytics platform reveals that in five prominent stablecoins—Dogecoin (DOGE), Shiba Inu (SHIB), Floki (FLOKI), Baby Doge Coin (BABYDOGE), and Memecoin (MEME)—the top 10 wallets hold a majority of the circulating supply. For BABYDOGE, this concentration is particularly extreme, with over 99% controlled by whales, followed by MEME at 96%. SHIB and FLOKI see a slightly lower, yet still substantial, concentration at 75.03% and 69% respectively. In contrast, newer meme coins on the Solana blockchain, such as Bonk (BONK) and Dogwifhat (WIF), show a more democratized distribution, with the top 10 wallets holding only 14.3% and 22.6% of their supply. This research highlights a growing disparity in the meme coin sector, raising questions about decentralization and the influence of major players.
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