ETH

Bubblemaps Analyzes 10% of Shiba Token Wallets Worth Over $1 Billion

by BSCN

January 21, 2023

Let's see how these thirteen wallets came to hold 10% of the $SHIB supply with the help of Bubblemaps.

Shiba Token Wallets Worth $1B

There is a group of thirteen wallets that hold $1 billion worth of Shiba Inu tokens that all originated from one wallet and have not moved since the Fall of 2021.

The thirteen wallets, detailed in a recent thread from Bubblemaps, all began from a single wallet that accumulated over 103 trillion tokens between August - October 2020. This wallet bought 10% of tokens for an estimated 38 Ethereum, equivalent to around $10,000.

🚨 BREAKING: this group of wallets controls 10% of $SHIB supply

Currently valued over $1 billion

What does on-chain data tell us, and is this a cause for concern? 🧵 pic.twitter.com/TEaoz4uCmQ
— Bubblemaps (@bubblemaps) January 20, 2023

The Bubblemaps thread reveals that the wallet ballooned to a massive price of $5 billion worth of assets when $SHIB hit its all-time high in October 2021. This was a return of over 100,000X for that originally $10k investment!

But the thread explains how having one wallet with so many assets can be problematic.

“When the price soared, having $5B in one wallet was dangerous,” explains the thread. “Increases scrutiny - Generates FUD - More susceptible to hacks.”

The wallet then split into different allotments between 12 more wallets. The distribution is theorized by the Bubblemaps thread as a team wallet because 13 wallets have not seen any movement of funds. It was likely smart treasury management that divided the funds.

Check out the Bubblemaps tool using the Shiba Inu Contract Address to explore the token spread of $SHIB.

Contract Address: 0x95ad61b0a150d79219dcf64e1e6cc01f0b64c4ce

What is Bubble Maps:

Bubblemaps is a supply auditing tool for DeFi tokens and NFTs. Their unique and colorful bubbles make on-chain data easy to understand, allowing the user to investigate wallets, reveal connections, and see through the noise of blockchain data.

Where to find Bubble Maps:

Website | Twitter | Medium |

What is Shiba Inu:

Shiba Inu is an Ethereum-based altcoin with the Shiba Inu—a Japanese breed of hunting dog—as its mascot. The SHIB token aspires to be an Ethereum-based alternative to Dogecoin (DOGE). Unlike Bitcoin, which is designed to be scarce, SHIB was created to be intentionally abundant — with a total supply of one quadrillion. The Shiba Inu Token ecosystem supports projects such as an NFT art incubator and the development of a decentralized exchange called Shibaswap.