As an analyst with years of experience in the cryptocurrency market and a keen eye for detail, I find the recent development surrounding Ryoshi, the creator of Shiba Inu, quite intriguing. The discovery of a wallet holding a significant amount of SHIB tokens, amounting to 10% of the total supply, has sparked speculation about its ownership.
The large wallet containing Shiba Inu (SHIB) coins, which is believed to be owned by Ryoshi, the founder of Shiba Inu, has reportedly surfaced. This wallet currently holds approximately $2.5 billion worth of SHIB tokens, making it one of the largest holders in the meme coin market. Notably, this wallet hasn’t shown much activity in selling its SHIB coins and has maintained a consistent holding for several years.
Blockchain analysis platform Bubblemaps hinted in a post on X that there is a possibility of the wallet, which owns a whopping 10% of the SHIB supply across 150 addresses, belonging to Ryoshi. The mysterious creator of Shiba Inu vanished after retiring from social media following a page from the rulebook of Bitcoin creator Satoshi Nakamoto.
As an analyst, I find it intriguing to note that Shiba Inu, introduced on July 31, 2020, had its initial distribution controlled by the deployer wallet 0xb8f2, holding approximately half of the meme coins in circulation. However, from August to October 2020, a substantial market participant emerged, acquiring an enormous 103 trillion SHIB tokens for roughly 3,095 ETH, which was equivalent to nearly $10,000 at that time considering the ETH price volatility of 1.3% and a market cap of approximately $372.79 billion. The transaction volume within the preceding 24 hours amounted to $29.15 billion.
After reaching $5 billion, wallet 0x1406 combined all its investments into a single storage unit in November 2021. Subsequently, it divided the funds among 14 separate wallets. The wallet has chosen not to liquidate its holdings, and currently, one tenth of the Shiba Inu (SHIB) supply is spread across 15 different states.
Beginning in 2021, the value of investments held in the Shiba Inu whale wallet skyrocketed to a staggering $2.5 billion, representing an astronomical return of 25 million percent. Bubblemaps revealed that these assets are spread across numerous holdings to minimize risk and preserve the privacy of the wallet’s owner. The blockchain analysis platform further noted that the owner of the 0x1406 wallet has demonstrated remarkable resilience under pressure, choosing to maintain their Shiba Inu holdings since its inception.
Shiba Inu (SHIB) Price Analysis
1) Over the last day, Shiba Inu has experienced a 3.4% decrease and is currently being traded at approximately $0.00002434. This represents a fall of 72.56% from its highest point, which was $0.00008845 back in November 2021. At that time, the “0x1406” wallet owner’s Shiba Inu holdings were worth a maximum of $5 billion.
Over the past week, Shiba Inu (SHIB) has decreased by 0.44%, trailing behind its rivals. Yet, it’s important to note that SHIB has seen a significant surge of 29.35% over the last month and an astounding 180.18% since November 2021. At present, SHIB holds a market capitalization of $14.31 billion, moving up to the 11th position in the market. Its daily trading volume currently stands at approximately $1.20 billion.
The Relative Strength Index (RSI) for Shiba Inu’s price movement is currently 59.42, indicating that the bulls are generally in charge of the price trend. However, the slope of the line suggests that Shiba Inu might soon revisit its nearest support at approximately $0.000022.
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2024-11-20 16:10