Designed as a layer-2 Ethereum (ETH) blockchain for the Shiba Inu ecosystem, its launch saw $131.57 million in SHIB being shifted by major holders, often called whales. These transactions involved significant amounts with each transaction involving at least $1 million.
According to data sourced from the Spot On Chain platform, these substantial transactions began around August 16, just before Shibarium’s intended release. Notably, this information became more critical when on August 18, issues with the Shibarium protocol came to light.
The malfunction locked over 1,000 ETH from Shibarium users in a bridge contract. This incident raised many eyebrows concerning the safety of funds and the project’s future.
2.6% of SHIB’s Total Supply
The numbers are staggering: 15.34 trillion SHIB tokens were shifted by these whales alone. To put this into perspective, it’s 2.6% of the overall supply of 589.35 trillion SHIB.
Looking at the price of SHIB during these transactions, the $131.57 million that was moved translates to an average of $4.53 million for each of the 29 transactions by these large holders.
No Withdrawals From Centralized Exchanges By Shib Whales
An interesting observation is that none of these 29 transactions involved withdrawals by SHIB whales from centralized exchanges (CEX). This means no SHIB was moved from a CEX to an unknown address, typically seen when purchases happen.
The breakdown of these transactions is as follows:
- From unknown addresses to a CEX (often indicating a sale intention)
- Between CEX addresses (for internal maintenance purposes)
- From one unknown address to another (meaning remains unclear)
Further insight reveals transactions involving recognized institutional investor addresses. These include Cumberland’s movement of 200.87 billion SHIB ($1.71 million) to an unknown address and transactions involving Wintermute Trading.
Specifically, 330.57 billion SHIB ($2.81 million) went from an unknown address to Wintermute, and 150 billion SHIB ($1.27 million) from Wintermute to Binance.
Speaking of Binance, it’s noteworthy that they are the largest known holder of SHIB with multiple addresses. In contrast, Crypto.com boasts the largest individual whale address, holding a whopping 43.73 trillion SHIB, which is valued at approximately $371.31 million.