Shiba Inu Developer Reacts As $2.5 Billion Mega SHIB Whale Controls Staggering 10% Of Total Supply
A detailed analysis by blockchain analytics platform Bubblemaps has uncovered the activity of an early Shiba Inu whale whose investment has grown significantly but continues to HODL.
The whale in question has accumulated a total of $2.5 billion worth of SHIB distributed across 150 addresses representing 10% of the canine-themed cryptos total supply.
Turning $10,000 Into $2.5 Billion
Shiba Inu, the worlds second-largest meme coin went live in July 2020 as a fair launch project with equal opportunities for participation. On debut, the deployer wallet, which was 0xb8f2, held roughly half of the SHIB total supply.
However, between August and October 2020, another key player emerged on the scene, according to Bubblemaps. This particular address acquired 103 trillion SHIB tokens for just 38 ETH, valued at just $10,000 at the time. The price of Shiba Inu has appreciated dramatically since the purchase, with the whales initial investment enjoying a jaw-dropping 250,000-fold return now worth $2.5 billion.
Bubblemaps says this is possibly the greatest trade in history.
Notably, whales holding huge caches can greatly impact a crypto price movement. If the SHIB whale decides to liquidate a large portion of his holdings, he could create substantial bearish pressure on the meme coin.
During Shiba Inus price surge, the value of these holdings peaked at $5 billion. But instead of cashing out, the whale diversified his holdings across numerous wallets, likely a strategic move to reduce risk and perhaps maintain anonymity.
Shiba Inu Developers Response
Its worth mentioning that some have claimed to own the mysterious whales wallets, and Bubblemaps previously suggested it could belong to Shiba Inus pseudonymous Ryoshi. Notably, just like Bitcoins creator, Satoshi Nakamoto, Ryoshi retired from social media in 2021.
However, Shiba Inu lead developer Shytoshi Kusama urged the community to be wary of anyone claiming to be the owner without any verifiable evidence through wallet activity.
Kusama stressed that no one knows the true identity of this mega whale.
Text source: ZyCrypto
