In a startling discovery that sent shock waves through Shiba Inu society, a dormant whale has emerged from its hibernation. This unknown early investor, who owns 10.15% of the total supply of SHIB, has recently made big moves, causing speculation within the community.
The whale, identified by its address “0x140”, had been asleep for a staggering 157 days, but has now been awakened by a series of unprecedented transactions. In just 24 hours, the whale distributed 4 trillion SHIB tokens, equivalent to $30 million, across nine new wallets.
Detailed data from Etherscan validates the latest whale move. Whale meticulously distributed 4,000,000,000,107 SHIB tokens across nine new wallets within 24 hours. Transfers started with a small amount of 107 SHIB to a specified address, followed by subsequent transfers of 500,000,000,000 SHIB to eight separate addresses.
The Shiba Inu whale provides a shock
This unexpected flurry of activity captured the attention of analysts and experts on the chain. Lookonchain, a leading expert in crypto analytics, male This whale is probably the largest holder of SHIB, holding 101.47 trillion SHIB tokens, with a staggering value of $756 million. Moreover, this first investor owns a total of 23 portfolios where SHIB properties are distributed.
This huge whale’s participation in the SHIB ecosystem dates back to its early days. Spot On Chain, Chain Analyst, open That whale initially got a staggering 103.33 tons of SHIB with just 38 ETH ($14,000) during its inception. Riding the wave of SHIB’s meteoric rise, this investment once reached a staggering valuation of $8.16 billion.
In 2021, during the infamous SHIB price pump, whales made strategic moves, and made big profits. Spot On Chain revealed that the whale exchanged approximately 1.9 trillion SHIBs across various platforms, including Binance, Coinbase, and MEXC, at an average price of $0.00000969 in July 2021. This clever maneuver resulted in an estimated profit of $18.49 million.
Notably, the whale also executed a massive sale of 603 billion SHIB tokens for 2,411 ETH, which was equivalent to $9.6 million at the time. Additionally, the whale deposited a staggering 1.25 trillion SHIB worth $8.77 million on Coinbase during the same year.
The SHIB hack has not yet been confirmed
The recent flurry of activity from this influential whale has left the SHIB community speculating about the intentions behind these transactions. With such a massive amount of SHIB tokens being distributed, there are growing concerns and doubts among SHIB supporters.
With the market closely watching this whale’s next moves, it is clear that the impact of this early investor cannot be underestimated. Owning 10% of the total supply of gray fish, this whale has a significant impact on the market and has the potential to cause large fluctuations in its price.
At the time of writing, the price of SHIB is $0.00000752. Thus, the breakout from the downtrend (yellow circle) that has been present since the beginning of February has not been confirmed. Also, the longer the price does not make a decisive move towards the 23.6% Fibonacci retracement level at $0.0000083, the higher the probability that SHIB price will remain in the bearish zone.
Featured image from Crypto Market, chart from TradingView.com
