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Shiba Inu Investor Who Turned $8K Into $5.7 Billion Starts Moving SHIB Tokens

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Wed, 11/03/2021 - 05:36
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Alex Dovbnya
The biggest Shiba Inu wallet has come out of hibernation
Shiba Inu Investor Who Turned $8K Into $5.7 Billion Starts Moving SHIB Tokens
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The Shiba Inu wallet that famously turned $8,000 into $5.7 billion is now active again, according to Etherscan data.  

For the first time since April, the whale has started moving funds, prompting concerns about immense selling pressure.

The Shiba Inu billionaire has so far transferred roughly 10 trillion SHIB tokens that are worth about $2.7 billion to four empty addresses.

The wallet in question controls about 13% of Shiba Inu’s total circulating supply.

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The investor started buying SHIB tokens back in April 2020 and managed to turn it into a multi-billion fortune in only 19 months.

The Shiba Inu token soared 825% in October, captivating the attention of the investment community. Last week, it managed to surpass rival Dogecoin by market capitalization and reached a new record high of $0.00008616 on Oct. 28.       

Some speculated that the address in question was inaccessible, which is why the tokens had been untouched despite massive gains. However, recent transfers show that this is definitely not the case.

The Shiba Inu price has shed 11% after the whale address became active again.

SHIB
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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.