Many market participants link continuing hype around the Shiba Inu cryptocurrency to the recent news about its listing. Amid the frenzy surrounding the digital assets, only a few people have noticed that two-thirds of all tokens are controlled by the top 10 wallets, which looks quite disturbing. In October, Shiba Inu showed dazzling performance, growing by 730%. The coin skyrocketed amid rumors of a possible listing on the Robinhood app. Although a petition to list Shiba Inu on Robinhood had hit half a million signatures, the company was reluctant to do it. CEO of Robinhood Vlad Tenev rejected the possibility of listing, citing potential supervision by financial watchdogs. Some experts believe that the hype around Shiba Inu was triggered by an aggressive marketing campaign run by various exchanges. Shiba Inu even overtook Ethereum by the number of followers on Twitter (1.8 million). Meanwhile, the coin’s community on Reddit totals 414K users. Nevertheless, a survey shows that 67% of all Shiba Inu tokens are currently controlled by the top 10 whales. “For crypto with no underlying economics whose value is determined only by speculation - concentrated ownership suggests a rigged game,” crypto investor Aaron Brown said.
