A massive Shiba Inu (SHIB) whale has been discovered holding a staggering $2.5 billion worth of the meme-inspired cryptocurrency, which accounts for 10% of SHIB’s total supply. This whale, known by the initials of their wallet address 0x1406, had initially purchased 103 trillion SHIB for 38 ETH back in 2020 when the cryptocurrency was still in its early stages. As the value of SHIB surged over time and the cryptocurrency market experienced a bull run in 2021, the whale’s holdings peaked at $5 billion.
In response to the growing attention on Shiba Inu, the whale decided to split their massive holdings across a network of approximately 150 addresses, initially starting with 14 addresses that drew attention from blockchain analytics firms like Bubblemaps. Despite the fragmentation of their holdings, the whale is still actively holding onto their significant amount of SHIB. This move to spread their holdings across multiple addresses may be a strategic decision to mitigate risk or manage their assets more efficiently in the volatile crypto market.
However, as the whale continued to hold onto their funds, other SHIB investors were reportedly starting to lose faith in the cryptocurrency, facing a wave of Fear, Uncertainty, and Doubt (FUD) circulating in the market. Wallets holding over 1 billion SHIB were said to control the majority of funds, with smaller wallets holding fewer tokens. Santiment’s analysis revealed that the percentage of SHIB’s supply held by wallets with less than 1 billion tokens was at its lowest level since November 2022, indicating a concentration of wealth among larger holders.
Despite the challenges faced by SHIB investors and the growing scrutiny on the whale’s actions, Shiba Inu has managed to maintain its position as the 11th largest digital asset by market capitalization. Launched in 2020 as a fair launch accessible to everyone, the cryptocurrency quickly gained popularity among meme coin enthusiasts. The whale’s significant holdings, while raising eyebrows in the crypto community, contribute to the overall narrative surrounding Shiba Inu and its unique market dynamics.
With the whale’s holdings representing a substantial portion of SHIB’s total supply, its actions and movements in the market are closely monitored by analysts and investors alike. The decision to fragment their holdings across multiple addresses signals a strategic shift in managing such a vast amount of cryptocurrency and may indicate a long-term commitment to the asset. As Shiba Inu continues to navigate the evolving crypto landscape, the presence of such a massive whale adds an intriguing element to the narrative of this meme-inspired digital asset.
