This 'old whale' is still holding onto 2.5 billion US dollars worth of Shiba Inu (SHIB)
Shiba Inu (SHIB) has created a big whale in the crypto world. This early investor holds 10% of the SHIB supply and hasn't sold a single coin since SHIB started.
Bubblemaps found that 10% of SHIB is in one wallet, controlled by a big player. SHIB is a well-established meme coin, not only fun but also has some practical value. This coin initially relied on early adopters, and as a result, it skyrocketed thousands of times.
On-chain data shows that this SHIB might still be in the hands of that old whale. He holds 10% of the total SHIB supply, and he hasn't touched this amount of money; the unrealized gains alone are 2.5 billion US dollars.
This old whale holds more SHIB than the wallets of big platforms like Binance and Robinhood. He hasn't sold, which is why the SHIB price remains so stable.
This big player started accumulating SHIB in 2020
This player bought SHIB between August and October 2020, using 38 Ethereum (ETH), which was less than 300 US dollars at that time, resulting in an investment of just over 10,000 US dollars. He bought SHIB when the coin had just come out. SHIB was fairly issued, and anyone could buy it.
This player previously made 5 billion US dollars from unrealized gains with SHIB. To keep a low profile, he split the money into 14 addresses. By the second half of 2023, he split the money into 150 addresses.
Bubblemaps used their newly developed 'magic node' tool to find this player's long-term hiding place and also discovered those concealed wallets connected through transfers. If these connections weren't tracked, this coin would appear to be completely decentralized, or held by a bunch of small wallets.
Bubblemaps' V2 tool can also discover more seemingly unrelated wallets hiding tokens, which have reduced supply. On the regular snapshot page, SHIB appears to be held by many small wallets, with the supply of the top 150 holders adding up to only 0.04%.
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