In this post:
- Bubblemaps discovered 150 wallets in a connected cluster that might be under the control of a single entity.
- Using its status as a top meme asset, social media comments described the whale as a legendary crypto personality and founder Shibtoshi_SG
- SHIB is waiting for another vertical rally.
This is one of the largest crypto whales that Shiba Inu (SHIB) has generated. 10% of the SHIB supply is owned by an early investor who hasn’t sold since the token’s inception.
Bubblemaps found that 10% of Shiba Inu’s (SHIB) supply is concentrated in wallets under one entity’s control. One of the first meme tokens with extra functionality is SHIB. The asset readily increased by thousands of percent, but it was dependent on early acceptance.
SHIB may still remain in an early whale’s wallet, according to on-chain analysis. Ten percent of SHIB’s total supply is comprised of the holdings. The SHIB whale is sitting on unrealized gains of $2.5 billion and has not liquidated any of the tokens, despite their high value.
More SHIB is stored by the whale than even the public wallets of Binance and Robinhood, adding to the stability of SHIB by refusing to sell during pumps.
Since 2020, Whale has owned SHIB
Between August and October 2020, the large-scale holder purchased SHIB, paying just 38 ETH for the holdings. The investment was worth about $10,000 at the time, when ETH was close to its lowest points of $300. As soon as SHIB was established in July 2020, the purchasing process began. The coin was distributed fairly at launch, allowing anyone to establish early positions.
The whale’s holdings had an unrealized gain of up to $5 billion at one point. The whale first divided the holdings across 14 addresses in order to anonymize the main wallet. The same holdings were divided across 150 addresses later in 2023.
After using its new Magic Nodes tool, which shows secret wallets connected by transfers, Bubblemaps was able to determine the whale’s long-term location. The coin would appear to be completely decentralized, or held by tiny wallets, if connection tracking were not used.
More tokens with sniped supply and wallets that don’t seem to be connected will be exposed via the Bubblemaps V2 utility. Even the top 150 holders control only 0.04% of the supply, giving the impression that SHIB is owned by numerous small wallets on the standard snapshot page.
Whale assets connected to the renowned cryptocurrency creator
The whale’s best news is that, depending on the state of the market, he might end up being a holder. Comments reveal that the SqudGrow project’s founder, Shibtoshi_SG, is a pseudonymous buyer.
For years, the anonymous masked cryptocurrency investor has been a supporter of meme token communities. Therefore, the substantial assets reflect a possible endorsement for the Shiba Inu initiative rather than an insider pocketbook ready to be sold. Shibtoshi’s philosophy and methodology align with Shiba Inu’s overarching objective of providing a user-friendly gateway to cryptocurrency.
SHIB continues to lead the pack
The market for meme tokens has maintained a valuation of above $115 billion. With a $14 billion market value, SHIB is the second-largest asset. Pepe (PEPE) barely increased to $8.1 billion in market value despite its recent surge.
At $0.000025, SHIB is trading within the top limit of its 2024 range. With pairs on Binance, Coinbase, and Upbit, as well as widespread usage on Robinhood, the coin is well-represented.
The token has been waiting for another vertical pump for some time after hitting its annual top at $0.00003. Rumors that a well-known cryptocurrency figure owns SHIB on a long-term basis could increase those odds. On a general meme super cycle, SHIB is also anticipated to climb, indicating a reassessment of the price range and another parabolic phase.
The top 100 holders possess the majority of the SHIB token. More than 75% of the SHIB supply is controlled by those wallets. The token hasn’t, however, displayed a pattern of prolonged stagnation, as the asset is held for staking. SHIB is also key to the Shibarium ecosystem, an L2 chain with 1.8M addresses.
Additionally, SHIB supply is diminishing due to token burns, which have helped the asset emerge from its initial extremely low price. However, the strongest suit of SHIB remains its meme potential and mainstream appeal.
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