• The owner of the wallet with $5 billion in Shiba Inu coins has begun transferring the funds to different wallets
  • By the time all 40.004 trillion tokens were transferred, the owner had moved about $2,760,000,027.60 worth of Shiba Inu

An investor who bought $8,000 worth of Shiba Inu cryptocurrency in August 2020 has transferred over 40 trillion tokens from their wallet — about $2.76 billion, according to their Etherscan account

The transfer sent approximately 10,000,000,100,000 Shiba Inu tokens to four different wallet addresses over four transactions. All four of the addresses the tokens were sent to have no prior token transfers. 

Since the transfers, the token price has dropped 1.91%, a small amount in relation to typical market volatility.

The transactions occurred between 6:20 pm and 6:45 pm ET Tuesday. Each transfer was roughly $600 million, or about 10 trillion tokens. At the time, Shiba Inu was at $0.000069 per token. 

By the time all 40.004 trillion tokens were transferred, the owner had moved about $2,760,000,027.60 worth of Shiba Inu. 

SHIB token balance over time for the address of this investor; Source: Nansen

The transactions come one day after Shiba surpassed Dogecoin and became the tenth most valuable digital asset by market value of $40 billion. The cryptocurrency saw its biggest rally in late October when it surged 66% in one day. 

The so-called meme coin is up 103.2 million percent over the past 12 months. Its price is still up 42.26% on the week and 760.93% on the month, according to Coinbase data.

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  • Jacquelyn Melinek is a New York-based reporter covering funding, decentralized finance (DeFi) and decentralized autonomous organizations (DAOs). She previously reported on energy markets for S&P Global Platts and Bloomberg News and is published in over 65 news outlets. She graduated from the University of North Carolina at Chapel Hill with a degree in Media and Journalism. Contact Jacquelyn via email at [email protected]
  • Blockworks
    Senior Reporter
    Casey Wagner is a New York-based business journalist covering regulation, legislation, digital asset investment firms, market structure, central banks and governments, and CBDCs. Prior to joining Blockworks, she reported on markets at Bloomberg News. She graduated from the University of Virginia with a degree in Media Studies. Contact Casey via email at [email protected]