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

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.

AccessTimeIconJul 13, 2023 at 11:46 a.m. UTC
Updated Jul 13, 2023 at 11:50 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

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 tweeted Thursday.

A giant whale with 101.47 trillion SHIB, valued at over $756 million at current 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 worth in 2021.

As such, 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.

Meanwhile, analytics tool Bubblemaps tweeted the wallet 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.


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by Block.one; both groups have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.

Shaurya Malwa

Shaurya is the Deputy Managing Editor for the Data & Tokens team, focusing on decentralized finance, markets, on-chain data, and governance across all major and minor blockchains.

Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.