An early shiba inu (SHIB) investor holding 10% of the token’s total supply today moved some $30 million worth of their stash to eight wallets, on-chain analytics tool Lookonchain tweeted Thursday.

A giant whale with 101.47 trillion SHIB, valued at over $756 million at current prices, transferred 4 trillion SHIB, or $30 million, to eight fresh addresses today, Lookonchain said.

This wallet is considered to be the single-largest holder of SHIB tokens, the firm added. It first purchased $14,000 worth of SHIB tokens in the days following issuance and sold just under $20 million worth in 2021.

As such, data shows most SHIB market depth is under $1 million on various crypto exchanges, and a sell order of that value could move token prices by 2% immediately.

Meanwhile, analytics tool Bubblemaps tweeted the wallet was likely connected to the project’s developers. The firm referred to a January report that noted a group of wallets purchased 10% of shiba inu supply after issuance – but has, overall, continued to hold the tokens instead of selling to unsuspecting market participants.

SHIB prices are little changed in the past 24 hours. The tokens command a market capitalization of just over $4.4 billion and are down 91% from their October 2021 peak.

SHIB On-chain Data Token Governance

Shaurya Malwa

Shaurya is the Co-Leader of the CoinDesk tokens and data team in Asia with a focus on crypto derivatives, DeFi, market microstructure, and protocol analysis. Shaurya holds over $1,000 in BTC, ETH, SOL, AVAX, SUSHI, CRV, NEAR, YFI, YFII, SHIB, DOGE, USDT, USDC, BNB, MANA, MLN, LINK, XMR, ALGO, VET, CAKE, AAVE, COMP, ROOK, TRX, SNX, RUNE, FTM, ZIL, KSM, ENJ, CKB, JOE, GHST, PERP, BTRFLY, OHM, BANANA, ROME, BURGER, SPIRIT, and ORCA. He provides over $1,000 to liquidity pools on Compound, Curve, SushiSwap, PancakeSwap, BurgerSwap, Orca, AnySwap, SpiritSwap, Rook Protocol, Yearn Finance, Synthetix, Harvest, Redacted Cartel, OlympusDAO, Rome, Trader Joe, and SUN.