Shiba Inu whale holds 10% of SHIB supply, up 250,000x to $2.5B

Unknown Large Investor Holds 10% of Shiba Inu Supply

On-chain data has unveiled that a mysterious entity is holding over 10% of the Shiba Inu (SHIB) token supply, sparking concerns about the distribution of the world's second-largest memecoin.

Whale's Holdings and Impact

The enigmatic whale owns over 10% of SHIB's total supply across 150 addresses. Despite the value of their holdings peaking at over $5 billion, they have maintained their SHIB coins since 2020.

This staggering investment has yielded an over 250,000-fold return, worth an estimated $2.5 billion today. Whales with large holdings can significantly influence a cryptocurrency's price action. If the whale decides to sell a substantial portion of their SHIB, it could exert significant downward pressure on the token's value.

Whale's Confidence in SHIB

Despite their extraordinary return on investment, the whale has refrained from selling any SHIB. This indicates their confidence in the memecoin's future potential. SHIB has exhibited impressive gains in recent months, surging over 134% year-to-date and over 27% in the past month.

Technical Analysis and Market Sentiment

Market analysis suggests that SHIB could be poised for a breakout rally. A cup-and-handle pattern is forming, a bullish chart pattern that typically results in a breakout with potential upside.

Additionally, capital rotation from Dogecoin (DOGE) to SHIB is anticipated. SHIB's relative strength index (RSI) against DOGE indicates that it is oversold and due for a bounce.

Conclusion

The unknown whale's massive Shiba Inu holdings raise questions about the token's distribution. However, the whale's long-term hold and SHIB's technical and market outlook suggest that the memecoin has strong potential for future growth.