The world of cryptocurrency always has a few surprises up its sleeve, and this time it is a big one. There has been some fascinating activity involving the fifth largest holders of Shiba Inu (SHIB) and Dogecoin (DOGE), where it appears that the same entity is behind both wallets.
The entity in question, suspected to be Jump Trading or a partner of Jump Trading, currently holds 20 trillion SHIB valued at $176 million and 3.4 billion DOGE worth $248 million. Intriguingly, these colossal holdings were achieved through a series of transactions that occurred almost simultaneously.
1/ Sharing some interesting findings on $SHIB and $DOGE.— Lookonchain (@lookonchain) May 17, 2023
The 5th holder of $SHIB and the 5th holder of $DOGE seem to be the same person, either Jump Trading or a partner of Jump Trading.
Holding 20T $SHIB($176M) and 3.4B $DOGE($248M). pic.twitter.com/6DRz7RG3Yh
The SHIB whale, operating under the identifier "0x73AF," transferred 20 trillion SHIB to the "0x40B3" wallet in four separate transactions, elevating the latter to the status of fifth largest SHIB holder. Parallel to this, the DOGE whale, known as "DDuX," performed a similar action, transferring 3.4 billion DOGE to the "DEgD" wallet, also in four transactions. The result? "DEgD" now stands as the fifth largest holder of DOGE.
Digging deeper, it was discovered that "0x73AF" also received a significant 310K Ethereum (ETH), worth an impressive $563 million, from what are believed to be internal addresses of Jump Trading, namely, "0x0716" and "0xeA3e." This adds weight to the theory that these transactions are being orchestrated by Jump Trading or one of its partners.
Amid this whale activity, it is important to note that both SHIB and DOGE have experienced a downturn in their market performance recently. Both cryptocurrencies have seen about a 20% drop in value, a trend mirrored across the broader crypto market. Despite this, the high-stakes movement of this entity suggest a confident and strategic approach to crypto investments.