The giant Shiba Inu (SHIB) whale dubbed “0x1406” has woken up after 157 days of inactivity to distribute 4 trillion SHIB tokens worth 8 new wallets. The whale is known as the largest holder of SHIB tokens and these actions may be in response to Shiba Inu lead developer Shytoshi Kusama’s announcement of the Shibarium release in August.
Shiba Inu Whale Moves 4 Trillion SHIB Tokens
In a surprising twist, a prominent Shiba Inu (SHIB) whale known by the code “0x1406” has moved a significant amount of tokens. Lookonchain revealed on July 13 that this gigantic whale, which holds a whopping 101.47 trillion SHIB tokens (valued at $756 million), has transferred 4 trillion SHIB tokens to 8 new addresses. With 10.15% of the total SHIB supply to his name, this whale is the largest holder of Shiba Inu tokens.
What makes this move particularly noteworthy is that the whale has not made any major transfers in the past 610 days. Instead, he has been consistently buying and distributing SHIB tokens to other addresses, especially during price drops or ‘dips’.
In 2020, the whale bought 103.33 trillion SHIB tokens with 38 ETH for an amount of $14,000. He then sold 603 billion SHIB for 2411 ETH worth $9.6 million and sold 1.25 trillion SHIB for $8.77 million to the crypto exchange Coinbase in 2021. Despite these sales, the whale continues to collect an impressive number of SHIB tokens, with 101.47 trillion SHIB worth $756 million across 23 different wallets.
Timing of the trade: Coincidence or Strategy?
The timing of this massive token transfer appears to be no coincidence. This news comes on the heels of Shiba Inu’s lead developer Shytoshi Kusama confirming the upcoming release of the Worldpaper and more importantly the highly anticipated L2 Shibarium at the Blockchain Futurist Conference taking place in Toronto, Canada August 13-17, 2023.
This suggests that the whale may be making strategic moves in preparation for the Shibarium release. These developments shed new light on the dynamics within the Shiba Inu community and underline the increasing importance of these major players, also known as ‘whales’. The coming time will reveal what this transaction means for the future of SHIB.
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