Onchain data has revealed that an unknown large investor is holding over 10% of the Shiba Inu token supply, raising newfound concerns around the distribution of the world’s second-largest memecoin.
The Story of a Major Shiba Inu Investor
A mysterious 'whale' owns over 10% of Shiba Inu tokens across 150 addresses. Valued at over $5 billion at peak, the investor has held their SHIB coins since 2020. As per Bubblemaps, between August and October 2020, an entrant purchased 103T SHIB for 38 ETH, equivalent to $10k then, now valued at over $2.5 billion.
Scenarios for Shiba Inu's Price
Since Oct. 2020, the investor earned a 250,000-fold return on $10,000, which may be one of the greatest trades in history. If the whale sells a significant portion of SHIB, it could put downward pressure on the token’s price.
Prospects for SHIB and DOGE
Shiba Inu’s price could rise if capital rotates from its main rival, Dogecoin. SHIB has underperformed DOGE, aided by Elon Musk’s DOGE promotion. However, SHIB's low RSI indicates a potential market shift.
Large token holdings by a single investor pose potential risks for Shiba Inu's market. However, there is investor confidence in the token's future.
