Dormant SHIB whale shifts 10t tokens amid price consolidation

A dormant Shiba Inu (SHIB) whale with over 100 trillion SHIB holdings recently moved 10 trillion tokens worth $75.2 million to multiple new addresses within 24 hours.

Blockchain surveillance platform Lookonchain highlighted the latest development in a tweet. Data from Etherscan details a series of transactions, each worth 500 billion SHIB.

Lookonchain’s disclosure highlights up to eight transactions.

However, per on-chain data, the whale carried out 12 more transactions worth 500 billion SHIB. Consequently, transactions now equal 20 in number, at the time of reporting, with a total worth of 10 trillion SHIB valued at $75.2 million.

The current redistribution campaign began yesterday at 9:40 AM (UTC). The first transfer involved a test transaction worth 107 SHIB. The whale started the massive transfers following this transaction, sending 500 billion SHIB to multiple addresses.

Before the start of the redistribution, this whale had remained dormant in terms of Shiba Inu transactions. Data suggests that its last transaction involved an inflow from Coinbase 157 days ago.

Lookonchain pointed out that the whale is one of the earliest Shiba Inu investors, having procured 103.3 trillion SHIB with 38 ETH (worth $14,000) in 2020. The whale holds over 101 trillion Shiba Inu tokens across multiple wallets, making it one of the single largest holders of the asset. 

Concerns of a market dump

The latest redistribution moves represent its first large transfers in over a year. Consequently, apprehensions have emerged as market participants dread a massive market dump. 

These concerns have been compounded by the fact that the redistribution campaign has come up when SHIB is consolidating in a delicate position. Shiba Inu has failed to reclaim the $0.0000080 threshold after dropping below it on June 25.

Shiba Inu has continued consolidating between $0.00000706 and $0.00000786 since then. The absence of significant ecosystem developments, especially regarding the much-anticipated Shibarium launch, has contributed to a dearth of investors’ interest.

At this rate, investors fear the impact of a large-scale dump could bring the asset to the mid-June lows below $0.000006. Shiba Inu is trading for $0.00000752 at the time of writing, trading flat over the past 24 hours.