Shiba

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Shiba Inu

Onchain data revealed that an unknown big investor is holding more than 10% of the Shiba Inu token supply, raising newfound concerns around the distribution of the world’s second-largest memecoin.
A mysterious Shiba Inu (<a data-ct-non-breakable="null" href="https://cointelegraph.com/shiba-inu-price-index" rel="null" target="null" text="null" title="null">SHIB</a>) whale owns over 10% of the token’s total supply across 150 addresses.
Despite the holdings being worth over $5 billion at their peak valuation, the whale has continued to hold his SHIB coins since 2020, <a data-ct-non-breakable="null" href="https://x.com/bubblemaps/status/1858919223919083798" rel="nofollow noopener" target="_blank" text="null" title="https://x.com/bubblemaps/status/1858919223919083798">according</a> to a Nov. 19 X post by blockchain data firm Bubblemaps, which said:
<blockquote>
 “Between August and October 2020, a new player entered the scene: 0x1406 purchased 103T $SHIB (10% of the supply) for just 38 ETH.&nbsp; At the time, 38 ETH was worth $10k. Today, 103T $SHIB is worth over $2.5 billion.”
</blockquote>
<figure>
 <img alt="Shiba Inu whale holds 10% of SHIB supply, up 250,000x to $2.5B" src="https://s3.cointelegraph.com/uploads/2024-11/01934974-a923-7c0c-be5c-04670bcf483a" title="">
 <figcaption style="text-align: center;">
 Shiba Inu whale. Source: Bubblemaps
 </figcaption>
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Since October 2020, the investor has made a more than 250,000-fold return on an initial investment of $10,000, worth over $2.5 billion today in what is “possibly the greatest trade in history,” according to Bubblemaps.
Whales with large holdings can significantly impact a cryptocurrency’s price action. The whale could create significant downward pressure on the SHIB token if he decided to sell a significant portion of his holdings on the open market.
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/savvy-memecoin-trader-earns-988k-despite-rug-pull" rel="null" target="null" text="null" title="null">Savvy memecoin trader makes $988K in 3 hours despite rug pull</a>
<h2 id="shiba-inu-may-be-this-bull-cycle-s-sleeping-giant">Shiba Inu may be this bull cycle’s sleeping giant</h2>
Despite securing an over 250,000-fold return on investment, the investor hasn’t opted to sell any of the SHIB holdings — perhaps displaying confidence in the memecoin’s future potential.
Shiba Inu is currently up over 134% year-to-date and over 27% during the past month, Cointelegraph data shows.
<figure>
 <img alt="Shiba Inu whale holds 10% of SHIB supply, up 250,000x to $2.5B" src="https://s3.cointelegraph.com/uploads/2024-11/01934975-0672-7dbe-ad2c-ba9776877cd9" title="">
 <figcaption style="text-align: center;">
 SHIB/USD, 1-year chart. Source: Cointelegraph
 </figcaption>
</figure>
While the token has been underperforming some of the other top memecoins, <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/3-signs-shiba-inu-bull-market-sleeping-giant" rel="null" target="null" text="null" title="null">Shiba Inu could be</a> this bull cycle’s sleeping giant, according to market analysis.
The first major signal for a SHIB price rally comes from the ongoing formation of a cup-and-handle setup. This bullish chart pattern typically resolves in a breakout, with the upside target measured by adding the pattern’s maximum height to the breakout point.
<figure>
 <img alt="Shiba Inu whale holds 10% of SHIB supply, up 250,000x to $2.5B" src="https://s3.cointelegraph.com/uploads/2024-11/01934975-5596-7b21-91a0-ff4d26ed67fc" title="">
 <figcaption style="text-align: center;">
 SHIB/USD, 4-hour chart, cup-and-handle pattern. Source: <a data-ct-non-breakable="null" href="https://x.com/dhelSHIB/status/1859105329658593697/photo/1" rel="null" target="null" text="null" title="https://x.com/dhelSHIB/status/1859105329658593697/photo/1">dhelSHIB</a>
 </figcaption>
</figure>
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitcoin-price-fast-track-100k-high-november-analysts" rel="null" target="null" text="null" title="null">Bitcoin price could fast-track to $100K high in November — Analysts</a>
<h3 id="shib-to-doge-capital-rotation-incoming">SHIB to DOGE capital rotation incoming?</h3>
Shiba Inu’s price could also be boosted as capital rotates from its main dog-themed rival, Dogecoin (<a data-ct-non-breakable="null" href="https://cointelegraph.com/doge-price-index" rel="null" target="null" text="null" title="null">DOGE</a>).
Shiba Inu has <a data-ct-non-breakable="null" href="https://x.com/drippy_trades/status/1854370107901825526" rel="null" target="null" text="null" title="null">underperformed Dogecoin</a> primarily because of Elon Musk’s relentless promotion of the <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/dogecoin-breakout-3-year-channel-500-rally-potential-2025" rel="null" target="null" text="null" title="null">Department of Government Efficiency</a>, his brainchild government agency to reduce excessive governmental spending, which, interestingly, has the same initials as the Dogecoin ticker, DOGE.
A capital rotation could occur, considering the SHIB token is extremely oversold against the DOGE token.
<figure>
 <img alt="Shiba Inu whale holds 10% of SHIB supply, up 250,000x to $2.5B" src="https://s3.cointelegraph.com/uploads/2024-11/01934977-2923-7818-b601-4892c920e7bd" title="">
 <figcaption style="text-align: center;">
 SHIB/DOGE, 1-day chart, RSI. Source: TradingView
 </figcaption>
</figure>
Shiba Inu’s relative strength index (RSI) stands at 14.7 against Dogecoin’s, suggesting that SHIB’s price is oversold and that selling pressure compared to DOGE is becoming low, TradingView data <a data-ct-non-breakable="null" href="https://www.tradingview.com/chart/?symbol=BINANCE%3ASHIBDOGE" rel="null" target="null" text="null" title="null">shows</a>.
The RSI is a popular momentum indicator used to measure whether an asset is oversold or overbought based on the magnitude of recent price changes.
Magazine: <a data-ct-non-breakable="null" href="https://cointelegraph.com/magazine/fbi-tokens-ai-crypto-wash-trades-is-it-legal/" rel="null" target="null" text="null" title="null">Legal issues surround the FBI’s creation of fake crypto tokens</a>

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

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