According to a tweet from on-chain analytics service Lookonchain on Thursday, an early Shiba Inu (SHIB) investor who owns 10% of the token’s entire supply today transferred $30 million worth of their holdings to eight wallets.According to Lookonchain, a gigantic whale that has 101.47 trillion SHIB—more than $756 million at today’s prices—transferred 4 trillion SHIB, or $30 million, to eight new locations today.According to the company, this wallet is thought to be the single-largest holder of SHIB tokens.In the early days after issuance, it initially bought $14,000 worth of SHIB tokens and later sold slightly under $20 million worth in 2021.
Accordingly, research indicates that most SHIB market depth is under $1 million on several cryptocurrency exchanges, and a sell order of that magnitude might rapidly shift token values by 2%.
The wallet was probably related to the project’s developers, tweeted analytics tool Bubblemaps.The company cited a report from January that showed certain wallets bought 10% of the shiba inu supply soon after it was released, but overall they have kept the tokens instead of selling them to unsuspecting market players.Prices for SHIB haven’t changed all that much in the last day.The market value of the tokens is at slightly over $4.4 billion, down 91% from its peak in October 2021.