Shiba Inu (SHIB) has created one of the largest cryptocurrency whales. An early investor controls 10% of the SHIB supply, not selling since the token was born.
Bubblemaps revealed that Shiba Inu (SHIB) has 10% of the supply concentrated in wallets controlled by a single entity. SHIB is one of the oldest meme tokens with added utility. This asset relies on early adoption while easily increasing thousands of percent.
On-chain analysis shows that SHIB could still be held in the wallet of a speculative whale. The holdings account for 10% of the total supply of SHIB. Despite its high value, the SHIB whale has not liquidated any tokens and is holding an unrealized profit of 2.5 billion dollars.
The whale holds more SHIB than the public wallets of Binance and Robinhood, helping to increase the stability of SHIB by refusing to sell during price increases.
The whale has held SHIB since 2020
The large-scale holder bought SHIB between August and October 2020, acquiring a stake for only 38 ETH. At that time, ETH was near its lowest point of under 300 dollars, making the investment worth around 10,000 dollars. The purchase began just after SHIB was created in July 2020. The token was launched with a fair distribution, open for anyone to build an initial position.
At one point, this whale's holdings reached an unrealized profit of up to 5 billion dollars. To anonymize the main wallet, this whale first split the holdings into 14 addresses. Then in 2023, those holdings were split into 150 addresses.
Bubblemaps has detected the long-term position of the whale after applying the new Magic Nodes tool, showing hidden wallets connected by transfers. Without tracking the connections, the tokens would appear completely decentralized or held by small wallets.
The Bubblemaps V2 tool will be able to reveal more tokens with trimmed supply and seemingly unrelated wallets. On the regular snapshot page, SHIB appears to be owned by many small wallets, where even the top 150 holders own only 0.04% of the supply.
Whale's stocks linked to the legendary cryptocurrency founder
The best news about the whale is that he can become a holder under any market conditions. Comments point to the identity of the anonymous buyer Shibtoshi_SG, the founder of the SqudGrow project.
The masked cryptocurrency investor has supported the meme token community for many years. Thus, the large amount of holdings is not an internal wallet prepared for sale, but a testament to the potential of the Shiba Inu project. The approach and ethics of Shibtoshi align with Shiba Inu's overall goal of providing accessible entry points for cryptocurrency.
SHIB Still Leads the Dog Pack
The meme token market remains with a total value above 115 billion dollars. SHIB is the second largest asset, with a market cap of 14 billion dollars. Even after the recent price increase, Pepe (PEPE) only rose to 8.1 billion dollars in market cap.
SHIB is trading at 0.000025 dollars, within the upper limit of the price range for 2024. The token is widely represented, with trading pairs on Binance, Coinbase, and Upbit, as well as being widely used on Robinhood.
This token peaked annually at 0.00003 dollars and has been waiting for another vertical price increase for some time. Rumors about a top cryptocurrency figure holding SHIB for a long time could drive those opportunities. SHIB is also expected to rise in a general super meme cycle, anticipating another parabolic phase and reassessing the price range.
The SHIB token is consolidated in the hands of the top 100 holders. These wallets control over 75% of the SHIB supply. However, this token does not show a prolonged stagnation pattern as the asset is held for staking. SHIB is also key to the Shibarium ecosystem, a Layer 2 chain with 1.8 million addresses.
Additionally, the supply of SHIB is decreasing due to token burning, which has helped this asset escape its initially extremely low price. However, SHIB's strongest point remains its meme potential and mainstream appeal.
