A colossal Shiba Inu (SHIB) whale holdings a staggering $2.5 billion worth of the meme-inspired cryptocurrency has been discovered, with their entire holdings being spread through a network of roughly 150 addresses. The whale holds 10% of SHIB’s supply.
Shiba Inu was launched in 2020 as a fair launch accessible to anyone, and around 50% of the cryptocurrency’s supply was allocated to the deployer wallet. Then, according to blockchain analytics firm Bubblemaps, between August and October 2020 a massive whale entered the scene.
That whale, identified by the initials of their wallets address 0x1406, bought a whopping 103 trillion SHIB – equivalent to 10% of the cryptocurrency’s supply – for 38 ETH, which at the time was around $10,000.
Given the cryptocurrency’s price rise, those 103 trillion tokens are now worth over $2.5 billion, as Shiba Inu is now the 11th-largest digital asset by market capitalization.
The value of 0x1406’s holdings skyrocketed over time and reached a peak of $5 billion during the 2021 crypto bull run. The whale, as the spotlight intensified on the meme-inspired cryptocurrency, eventually moved their holdings from a single address and fragmented them across a network of 14 separate addresses.
The cluster initially drew attention from Bubblemaps, leading the whale to split their holdings from 14 into around 150 addresses. They’re still holding onto their massive amount of SHIB.
While the whale kept on holding their funds, as CryptoGlobe reported earlier this year SHIB investors were starting to capitulate as they were enduring a “tremendous level of FUD [Fear Uncertainty and Doubt]” while wallets holding over 1 billion SHIB hold the “vast majority” of funds.
Per Santiment’s analysis, the percentage of the meme-inspired cryptocurrency’s supply held by wallets with less than 1 billion SHIb is now at its lowest level since November 2022.
Featured image via Unsplash.
