Shiba Inu whales, accounting for 10% of the total supply, surprised the market

In a startling discovery that has shocked the Shiba Inu community, a dormant whale has come out of hibernation. This anonymous early investor, who owns 10.15% of the total SHIB supply, has made a significant move recently, leading to speculation within the community.

The whale, identified by its address “0x140”, lay dormant for 157 days, but has now resurfaced with a series of unprecedented transactions. In just a span of 24 hours, whales distributed 4 trillion SHIB tokens, equivalent to $30 million, to nine new wallets.

Detailed data from Etherscan confirms the veracity of recent whale activity. Whales distributed 4,000,000,000,107 SHIB tokens to nine new wallets within a span of 24 hours. The transfer started with a small amount of 107 SHIB to a specific address, followed by a transfer of 500,000,000,000 SHIB to each of eight different addresses.

shiba inu whale gives a blow

This unexpected flurry of activity has caught the attention of analysts and on-chain experts. LuKonchain, a leading crypto analytics expert, noted This whale is probably the largest holder of SHIB, currently holding 101.47 trillion SHIB tokens, worth an astonishing $756 million. Furthermore, this early investor has a total of 23 wallets where SHIB holdings are distributed.

The involvement of this giant whale in the SHIB ecosystem dates back to its earliest days. Spot On Chain, an on-chain analyzer, revealed The whale initially acquired an astonishing 103.33T SHIB with just 38 ETH ($14,000) during its inception. Riding on SHIB’s wave of rapid growth, the investment reached a staggering valuation of $8.16 billion at once.

In 2021, during the infamous SHIB price rally, whales made a strategic move, making significant profits. Spot on Chain revealed that whales exchanged approximately 1.9 trillion SHIB in July 2021 at an average price of $0.00000969 across various platforms including Binance, Coinbase and MEXC. This clever move resulted in an estimated profit of $18.49 million.

Notably, the whale also sold a substantial 603 billion SHIB tokens for 2,411 ETH, which was equivalent to $9.6 million at the time. Additionally, whales deposited an astonishing 1.25 trillion SHIB, worth $8.77 million, into Coinbase during the same year.

SHIB breakout not yet confirmed

The recent activity of this influential whale has led the SHIB community to speculate about the motives behind these transactions. With the distribution of such a large amount of SHIB tokens, there is growing concern and uncertainty among SHIB supporters.

As the market keeps a keen eye on this whale’s next move, it is clear that the impact of this early investor cannot be overstated. Holding 10% of the total SHIB supply, this whale exerts significant influence on the market and has the potential to generate substantial volatility in the price of SHIB.

At press time, the price of SHIB was $0.00000752. The breakout from the down trend since early February (yellow circle) is still not confirmed. Moreover, as long as the price does not make a decisive move towards the 23.6% Fibonacci retracement level at $0.0000083, there are high chances that SHIB price will remain in the bearish zone.

Featured Image from Crypto Piassy, ​​Chart from Tradingview.com