An early investor in Shiba Inu (SHIB) tokens, who holds 10% of the total supply, has moved $30 million worth of their stash to eight wallets, according to on-chain analytics tool LookOnChain. The whale, who holds 101.47 trillion SHIB tokens, valued at over $756 million at current prices, transferred 4 trillion SHIB, or $30 million, to eight new addresses.
LookOnChain noted that this wallet is the single-largest holder of SHIB tokens, and that it first purchased $14,000 worth of SHIB tokens shortly after issuance. The wallet has since sold just under $20 million worth of SHIB tokens in 2021.
Data shows that 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. Analytics tool BubbleMaps suggested that the wallet is likely connected to the project’s developers, citing a January report that noted a group of wallets purchased 10% of Shiba Inu supply after issuance.
SHIB prices have remained relatively unchanged in the past 24 hours. The tokens have a market capitalization of just over $4.4 billion and are down 91% from their October 2021 peak.