Shiba Inu (SHIB), built for the Shiba Inu ecosystem, witnessed the movement of $131.57 million by whale addresses in 29 transactions, each worth at least $1 million, in the midst of Shibarium’s unsuccessful launch, a layer-2 blockchain for Ethereum (ETH).
Shiba Inu’s Future
According to the data obtained and filtered using the Spot On Chain platform, the total transaction volume, with a minimum transaction amount of $1 million, has occurred since August 16, just before Shibarium’s official launch.
These data were collected on August 18, one day after the reported failure of the protocol, increasing concerns about the security of funds and the future of the project as Shibarium users locked 1,000 ETH in the bridge contract. This makes the current whale movements even more significant information.
A total of 15.34 trillion SHIB, which accounted for 2.6% of the total supply of 589.35 trillion SHIB, was moved solely by these massive whales, with each transaction among the 29 spotted whale transactions amounting to an average of $4.53 million, totaling $131.57 million.
Current Status of Shiba Whales
In all 29 analyzed transactions, no transaction indicating a purchase took place from a centralized exchange (CEX) address to an unknown address, usually defined as a withdrawal.
The transactions were a balanced mixture of the following:
– From an unknown address to CEX (deposit, usually indicating intent to sell)
– From CEX address to another CEX address (internal transaction, for maintenance)
– From an unknown address to another unknown address (impossible to know what they represent)
Interestingly, two addresses known to be owned by institutional investors, Cumberland (“0xad6…d8862”) and Wintermute Trading (“0xdbf…dc080”), were identified as follows:
– From Cumberland to Unknown address: 200.87 billion SHIB ($1.71 million)
– From Wintermute to Unknown address: 330.57 billion SHIB ($2.81 million)
– From Wintermute to Binance: 150 billion SHIB ($1.27 million)
The largest known whale of SHIB is Binance, which has multiple addresses. The largest single whale address belongs to the crypto exchange Crypto.com (“0xf3B…302A3”), holding 43.73 trillion SHIB ($371.31 million).
