Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesCopyBotsEarn
Early Shiba Inu Holder With 10% of Supply Moves $30M in SHIB Tokens

Early Shiba Inu Holder With 10% of Supply Moves $30M in SHIB Tokens

CoindeskCoindesk2023/07/13 11:50
By:Shaurya Malwa

Data shows most SHIB market depth is under $1 million on various crypto exchanges, and a sell order of that value could move token prices by 2% immediately.

(Shutterstock)

An early shiba inu (SHIB) investor holding 10% of the token’s total supply today moved some $30 million worth of their stash to eight wallets, on-chain analytics tool Lookonchain Thursday.

A giant whale with 101.47 trillion SHIB, valued at over $756 million at curren t prices, transferred 4 trillion SHIB, or $30 million, to eight fresh addresses today, Lookonchain said.

This wallet is considered to be the single-largest holder of SHIB tokens, the firm added. It first purchased $14,000 worth of SHIB tokens in the days following issuance and sold just under $20 million .

As such, most SHIB market depth is under $1 million on various crypto exchanges, and a sell order of that value could move token prices by 2% immediately.

Meanwhile, analytics tool Bubblemaps was likely connected to the project’s developers. The firm referred to a January report that noted a group of wallets purchased 10% of shiba inu supply after issuance – but has, overall, continued to hold the tokens instead of selling to unsuspecting market participants.

SHIB prices are little changed in the past 24 hours. The tokens command a market capitalization of just over $4.4 billion and are down 91% from their October 2021 peak.

Edited by Oliver Knight.

190

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!

You may also like

Drift Ecosystem Newsletter #1

X2024/11/09 04:29

VIPBitget VIP Weekly Research Insights

The Solana ecosystem has shown remarkable performance this year. The 24-hour trading volume on Solana's DEXs frequently surpasses that of Ethereum, and the SOL/ETH exchange rate has steadily risen. Coinbase's recent Q3 earnings report revealed that SOL now accounts for 11% of its trading revenue, highlighting users' strong interest in trading SOL. During this market cycle, it can be advantageous to hold SOL positions. Additionally, holding SOL-based LSTs allows you to earn annualized returns that are denominated in SOL. Bitget has partnered with Solayer, Orca, Save, and Kamino to launch BGSOL, and will work to expand BGSOL's applications. With the support from Bitget, BGSOL currently offers the highest APR among SOL-based LSTs.

Bitget2024/11/08 06:08