Shiba Inu (SHIB) continues to make waves in the crypto world by creating one of the largest crypto whales seen to date. This first investor now controls 10% of SHIB’s supply, having never sold a single token since its debut.
Through the use of Bubblemaps, it was discovered that this particular entity holds 10% of the consolidated SHIB supply in its portfolio. As one of the oldest meme tokens with added utility, SHIB’s success can be largely attributed to its early adoption phase, which saw its value skyrocket by several thousand percent.
On-chain analysis further claims that SHIB could still be held in the wallets of this first whale. Despite the high value of the holdings, this investor did not liquidate any of the tokens. They have unrealized gains worth a whopping $2.5 billion.
Interestingly, this whale holds more SHIB than the public wallets of Binance and Robinhood. By refusing to sell during pumps, this whale reinforced the stability of SHIB.
This large holder began accumulating SHIB between August and October 2020, purchasing the holdings for just 38 ETH. At that time, ETH was valued at less than $300, making it an investment of around $10,000. The acquisition began just after the creation of SHIB in July 2020. The token was launched with a fair distribution, open to anyone wishing to build initial positions.
At one point, the whale’s holdings recorded an unrealized gain of up to $5 billion. To maintain anonymity, the whale initially divided the holdings into 14 addresses, then later in 2023 the same holdings were divided into 150 addresses.
Bubblemaps was able to discover the long-term position of the whale using its new Magic Nodes tool, which reveals hidden wallets connected by transfers. Without this connection tracking, the token would appear entirely decentralized or held by small wallets.
The identity of this whale has sparked interest. Comments suggest that the pseudonymous buyer could be Shibtoshi_SG, the founder of the SqudGrow project. This masked crypto investor is a long-time supporter of meme token communities. This large-scale stake does not appear to be an insider portfolio prepared for sale, but rather an endorsement of the Shiba Inu project.
Despite the competition, SHIB remains ahead in the meme token market with a total valuation of over $115 billion. It is the second largest asset with a market capitalization of $14 billion. Its recent rally saw PEPE climb to $8.1 billion in market capitalization, but SHIB maintains its position.
SHIB is trading at $0.000025, at the upper end of its range for 2024. It is represented on various platforms including Binance, Coinbase, Upbit, and is widely adopted on Robinhood.
The token reached a yearly high at $0.00003 and is awaiting another vertical pump. Rumors of a prominent crypto personality holding SHIB for the long term could increase these chances. SHIB is also expected to rise on a general super cycle, awaiting another parabolic phase and a reassessment of the price range.
The SHIB token is consolidated in the hands of the top 100 holders, who control over 75% of the supply. Regardless, the token has not shown a tendency toward prolonged stagnation as it is held for staking. SHIB is also key to the Shibarium ecosystem, an L2 chain with 1.8 million addresses.
SHIB’s supply is decreasing due to token burns, which have helped the asset rise from its extremely low initial price. However, its real strength lies in its meme potential and mainstream appeal. With the backing of one of the biggest crypto whales, the future of SHIB looks bright.
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