Shiba Inu (SHIB) remains one of the most successful meme tokens, thanks to early investors like a whale that controls 10% of the SHIB supply. This whale has held its position since the project's inception and has yet to sell a single token.

Whale Controls 10% of SHIB Supply

An analysis by Bubblemaps revealed that a single entity controls up to 10% of SHIB's total supply. As one of the earliest meme tokens with added utility, Shiba Inu gained massive popularity due to its exponential growth in the early days.

Despite unrealized gains of $2.5 billion, the whale has not liquidated any of its holdings. This behavior helps stabilize SHIB’s price by resisting the urge to sell during price surges. Its holdings even surpass those of public wallets like Binance and Robinhood.

Whale Has Held SHIB Since 2020

This major investor purchased SHIB between August and October 2020 for approximately 38 ETH (then valued at around $10,000). The purchases began shortly after the project launched in July 2020 with a fair distribution model, allowing anyone to establish early positions.

At one point, the whale’s unrealized gains reached $5 billion. To maintain anonymity, the whale distributed its holdings across 14 wallets, later expanding this to 150 wallets in 2023. This strategy obscured the true ownership of tokens, creating the illusion of decentralized holdings.

Support for Shiba Inu from a Legendary Investor

The whale is linked to pseudonymous crypto investor Shibtoshi_SG, the founder of SquidGrow. Known for supporting meme token communities and a long-term holding strategy, this whale's position is not intended for selling but rather serves as potential support for Shiba Inu and its ecosystem.

Shibtoshi’s approach aligns with Shiba Inu’s vision of making cryptocurrencies accessible to the broader public through meme tokens.

Shiba Inu: The Second-Largest Meme Token

Meme tokens collectively hold a total market value of over $115 billion, with SHIB boasting a market capitalization of $14 billion, making it the second-largest meme token after Dogecoin. Despite the growth of other tokens like PEPE, SHIB remains at the forefront.

Currently trading at $0.000025, SHIB is within the upper range of its 2024 price levels. The token hit its yearly high of $0.00003 and is expected to rise again during the next parabolic market phase.

Shiba Inu Ecosystem and Future Outlook

SHIB is a cornerstone of the Shibarium ecosystem, an L2 blockchain supporting 1.8 million addresses. Additionally, SHIB’s supply is continuously reduced through token burns, bolstering its value.

Despite its technical advancements, SHIB’s greatest strength lies in its meme potential and mass appeal, keeping it a prominent player in the crypto world.

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