The digital financial landscape witnessed a captivating event today when an early investor of shiba inu (SHIB) stirred some ripples in the market. This investor, who holds a colossal 10% of SHIB’s total supply, was noted to move around $30 million worth of their cache to eight new wallets, as revealed by on-chain analytics platform, Lookonchain.
The wallet of this high-powered investor boasts a staggering 101.47 trillion SHIB, valued to the tune of over $756 million at current prices. The investor moved 4 trillion SHIB, amounting to $30 million, demonstrating the massive influence they wield on this token’s market behavior.
Historically, this investor made their first purchase of SHIB tokens worth $14,000 just days after their issuance, exemplifying the rapid and exponential surge in SHIB’s worth. While they also sold under $20 million worth of SHIB in 2021, their recent activities suggest a more holding-centric strategy, as opposed to large-scale sell-offs.
On the technical side, the most SHIB market depth hovers under $1 million on assorted crypto exchanges, leading us to ascertain that a sell order of that magnitude could promptly swing token prices by 2%. While these investors’ decisions are of interest to market enthusiasts, they also encapsulate the volatile nature of such cryptocurrencies.
Similarly, Bubblemaps, another analytics tool, posits that this seemingly unassailable wallet could have its roots in the project’s developers. This data supports a prior January report indicating that a collection of wallets secured and stored 10% of SHIB’s supply right after it launched.
Stability seems to be the name of the game currently for SHIB, as prices exhibited little change over the last 24 hours. Commanding a market capitalization of just over $4.4 billion, this token is still down by a daunting 91% from its all-time high in October 2021. Even so, the actions of these influential investors sketch a compelling narrative of the crypto world’s potential for both rousing triumph and heart-stopping slump.
Source: Coindesk
