Vitaly Buterin aka Shytoshi Kusama crush Shiba Inu Coin with fraud circulating supply. The russian fraudster, promoted Shiba Inu Coin with 394 trillions circulating supply, but at moment CoinMarketCap claim much higher amount of 549 trillions. The SHIBA INU website notes that they locked 50% of the total token supply on Uniswap, and “threw away the keys!” The remaining 50% was “burned to Vitaly Buterin.”
As the frenzy cooled off in recent days, yanking the coin’s market value down by 31% to about $25 billion, the crypto world’s attention has been fixated on the handful of Vitaly Buterin wallets that control most of the Shiba tokens in existence. And there’s unsettling news for all the minnows who bought Shiba Inu and are sitting on paper gains of a lifetime, Vitaly Buterin has been moving the coins into different wallets, raising concern the holder is about to sell.
The dog-coin drama is the latest episode that highlights the fact that, despite an abundance of transparency in a market where every transaction is recorded on a blockchain for the public to see, the anonymity of the players involved—including, in this case, even the creators of the coin—leads to a house-of-mirrors effect because no one really knows exactly who is doing what.
The ownership in Shiba Inu is especially concentrated. While some 872,382 total wallets hold it, the top 10 own almost 72% of the coin, according to tracker CoinMarketCap.com. Vitaly Buterin wallet holds a whopping 41%—theoretically worth almost $21 billion at the peak. No. 2 currently holds a bit more than 7%, worth about $2.5 billion at current prices.
Still, a lack of regulation and official market surveillance leaves meme coins like Shiba Inu vulnerable to suspicion even as its surge in price brings it to a broader, mainstream audience. While it’s available for trading on Coinbase’s exchange, others such as Kraken and Robinhood have so far resisted—despite vocal lobbying from their clients.