Early Shiba Inu Holder With 10% of Supply Moves $30M in SHIB Tokens

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Early Shiba Inu Holder With 10% of Supply Moves $30M in SHIB Tokens

Coindesk2023/07/13 11:50

By:Shaurya Malwa

Data shows most SHIB market depth is under $1 million on various crypto exchanges, and a sell order of that value could move token prices by 2% immediately.

An early shiba inu (SHIB) investor holding 10% of the token’s total supply today moved some $30 million worth of their stash to eight wallets, on-chain analytics tool Lookonchain Thursday.

A giant whale with 101.47 trillion SHIB, valued at over $756 million at curren t prices, transferred 4 trillion SHIB, or $30 million, to eight fresh addresses today, Lookonchain said.

This wallet is considered to be the single-largest holder of SHIB tokens, the firm added. It first purchased $14,000 worth of SHIB tokens in the days following issuance and sold just under $20 million .

As such, most SHIB market depth is under $1 million on various crypto exchanges, and a sell order of that value could move token prices by 2% immediately.

Meanwhile, analytics tool Bubblemaps was likely connected to the project’s developers. The firm referred to a January report that noted a group of wallets purchased 10% of shiba inu supply after issuance – but has, overall, continued to hold the tokens instead of selling to unsuspecting market participants.

SHIB prices are little changed in the past 24 hours. The tokens command a market capitalization of just over $4.4 billion and are down 91% from their October 2021 peak.

Edited by Oliver Knight.

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