Currently valued over $1 billion
What does on-chain data tell us, and is this a cause for concern? 🧵 $SHIB
$SHIB was deployed on August 1st, 2020.
This was a fair launch: everyone could buy the token at the same price
0x1406 started buying $SHIB in large amounts during the first hour of trading
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From August to October 2020, 0x1406 accumulated 103T $SHIB (10% of the supply) for 38 $ETH.
38 ETH was worth $10k back then
103T is worth over $1 billion today
Probably the greatest trade of all time (100,000x)!
In 2021, $SHIB skyrocketed to $40 billion market cap.
At this time, 0x1406 was holding $5 billion of assets in one wallet... so they made a bold move 👇
0x1406 decided to split $SHIB into several wallets
- 60T sent to a group of 6 wallets
- 30T sent to another group of 6 wallets
- 10T that continued to stay in the wallet
"Deploying capital - steady lads"
Looking at the precise $SHIB transfers, there's a perfect match in value.
👉 6 transfers of 10T and 6 transfers of 5T
Those were made with a precise intention in mind, and we have our own idea why...
Looking through our historical data - this cluster of wallets doesn't move: no buys, sells, or transfers.
Those wallets remained dormant since the cluster was formed
To summarize:
1️⃣ 0x1406 bought 100T $SHIB right after launch
2️⃣ The token made 100,000x
3️⃣ The 100T $SHIB were split into 13 wallets
4️⃣ None of those wallets ever sold
So what is our conclusion?
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0x1406 is most likely a team wallet that initially bought 10% of the supply, which is common for a fair launch.
When the price soared, having $5B in one wallet was dangerous:
- Increases scrutiny
- Generates FUD
- More susceptible to hacks
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They chose to split instead, and never sold.
This demonstrates a smart treasury management, and a good ability to navigate under pressure - even with billions of dollars on the line
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I did a deeper analysis about this wallet which holds 10% of the SHIB supply
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