The sixth and final figure that should terrify Shiba Inu investors is its 5,350,880% gain in less than 15 months. If and when these large owners bow out, remaining holders are going to feel a pinch. To best utilize this donation, these tokens are going to be sold. For instance, 50.7 trillion SHIB tokens that Buterin didn't burn were donated to the India COVID-Crypto Relief Fund. Even taking into account that Ethereum co-founder Vitalik Buterin burned 90% of his SHIB holdings (well over 400 trillion tokens) by sending them to a dead blockchain address, having so many tokens in the proverbial hands of so few investors compromises the idea of Shiba Inu being a decentralized cryptocurrency.Įven more worrisome, these remaining SHIB whales have the potential to crater the token price if they decide to sell. To build on the previous point, data from Etherscan also shows that the top 100 addresses own more than 82% of the 1 quadrillion token supply of Shiba Inu coins. 82.13% of all SHIB controlled by the top 100 accounts Shiba Inu simply doesn't have that, as of right now. The point being that major cryptocurrencies need a broad base of users to become mainstream. Meanwhile, Ethereum ( CRYPTO:ETH) has an estimated 10 million users. Shiba Inu offers no clear competitive advantages when it comes processing transactions or via transaction fees, which is going to make it increasingly tougher for SHIB to stand out over time.įor some added context, over 76 million people worldwide had a unique Bitcoin wallet on, as of August 2021.

lists 12,968 different digital currencies in existence, and this number has been growing rapidly as the total market value of cryptocurrencies has soared. Shiba Inu's investors are also under the constant threat of dilution - not by other SHIB tokens, but rather by a growing number of cryptocurrency projects. 12,968 cryptocurrencies in existence (and rising) Conversely, it also suggests that Shiba Inu's investors may not believe in the long-term viability of the coin and are willing to jump ship on the slightest movement up or down in price. What this tells us is that a lot of people are hoping to make a quick buck in the short-term with SHIB.

Based on data from leading crypto exchange Coinbase, the average holding period in Shiba Inu is just 13 days. Something else that should seriously concern investors is the clear lack of conviction. Considering Shiba Inu is a payment-oriented token, its lack of involvement on the payment front in the real-world is highly concerning.

According to online business directory Cryptwerk, only 91 mostly obscure online companies accept SHIB as a form of payment. One of the most glaring issues for a digital currency that's been around for less than 15 months is that it has virtually no utility outside of a cryptocurrency exchange.

Is civ 6 worth buying