Stats Show 5th Largest Holder of Shiba Inu & DOGE to Be Same Entity

Both Shiba Inu and Dogecoin are held in large numbers by a single entity.

Lookonchain reveals a correlation between the fifth largest holders of Shiba Inu and Dogecoin, suggesting the same entity, potentially Jump Trading, controls both.

In a surprising turn of events, popular market tracker Lookonchain has discovered a striking correlation between the fifth largest holders of two prominent cryptocurrencies, Shiba Inu (SHIB) and Dogecoin (DOGE).

According to the findings, the same entity, suspected to be Jump Trading, a renowned trading firm or its partner, controls the fifth largest holdings of both SHIB and DOGE.

With a staggering holding of 20 trillion SHIB tokens, equivalent to a remarkable $176 million, the entity designated “0x73AF” transferred this massive sum in four transactions just twelve hours ago. Subsequently, the recipient, identified as “0x40B3,” became the fifth largest holder of the SHIB token.

Simultaneously, a substantial amount of DOGE, precisely 3.4 billion coins valued at approximately $248 million, was transferred by the mysterious entity “DDuX.” The funds were divided into four separate transactions, ultimately leading “DEgD” (a new address where Doge funds were sent) as the fifth-largest holder of DOGE tokens

1/ Sharing some interesting findings on $SHIB and $DOGE.

The 5th holder of $SHIB and the 5th holder of $DOGE seem to be the same person, either Jump Trading or a partner of Jump Trading.

Holding 20T $SHIB($176M) and 3.4B $DOGE($248M). pic.twitter.com/6DRz7RG3Yh

— Lookonchain (@lookonchain) May 17, 2023

The uncanny synchronization of these transactions raises intriguing questions surrounding the identity and motives of the entity behind them. 

While people have begun speculating on the implications of the massive transactions, a crypto enthusiast with the username semicrypto.eth on Twitter suggested that Jump Trading previously announced that it would be winding down its Market Maker (MM) activities so the moving of funds seems like a preparation to dump the market.

Jump trading recently announced that they are winding down their Market Maker (MM) activities.

Now they are spotted moving massive funds onchain…

Looks like Jump are about to Dump https://t.co/dthmx5tBhy

— semicrypto.eth (@SemiCrypt0) May 17, 2023

Impact on Price

Notably, the recent massive transactions have not significantly impacted the price of SHIB tokens. SHIB has seen a 1.49% drop in the last 24 hours and a seven-day cumulative drop of only 2%. While dogecoin is up 2.49% in a day.