- A Shiba Inu whale moved 469 billion SHIB tokens to OKX during the ongoing market decline.
- Although the transfer sparked speculation, blockchain data confirms no significant sale of the whale’s SHIB.
- The whale continues to hold approximately 96.68 trillion SHIB, representing 16.4% of the total supply.
Shiba Inu (SHIB) investor re-emerges into the scene after a long time with limited trading activity, making headlines in the crypto space at large. This comes at a time when the SHIB token is under pressure from the wider market dip, and when a transaction of this magnitude always leads to questions regarding the intentions behind the action.
Shiba Inu Whale Moves Tokens
Blockchain analyst EmberCN reported that the whale transferred 469 billion SHIB coins to the OKX exchange within the last day, as per data from the on-chain analytics firm Arkham. Currently, the coins are estimated at a price of $3.64 million.
This particular wallet belongs to one of the early investors in SHIB. This particular investor bought 103 trillion SHIB in 2020 when the coin was not widely known. This particular investment only cost 37.8 ETH or $13,752 at that particular time. This made up 17.4% of the entire current supply of Shiba Inu.
Throughout the years, the address remained busy, handling ETH, BNB, and USDT transactions, though SHIB transactions were a rarity. According to EmberCN, the whale began their transactions in SHIB using an intermediary wallet, then sent 468.98 billion SHIB and 5 million SHIB to an OKX-related address. Such a pattern is used to circumvent traceability.
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Whale Still Holds Majority of SHIB
The transfer to the exchange excites rumors about the sale, yet EmberCN asserts that data from the blockchain does not show the sale of 469 billion SHIB tokens. The amount transferred to the exchange represents just a tiny portion of the holdings that the whale has.
In the 2021 bull market, the investor’s maximum holdings of the token, SHIB, stood at around 9.1 billion dollars. The majority of the tokens were not sold, and the investor has retained its place in the SHIB token market for many cycles.
The whale currently owns around 96.684 trillion SHIB (~16.4% of market supply) valued at around 722.23 million dollars. The major holding has been sustained despite some sales.
This is amid current market challenges that the Shiba Inu is facing. SHIB is down 64.9% YTD and 15.1% within the last 30 days. It is currently traded at $0.000007491, down 3.64% over the last 24 hours.
This whale’s action could suggest movement, although the majority of the coins are still held.
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