A startling similarity between the fifth largest holders of two well-known cryptocurrencies, Shiba Inu (SHIB) and Dogecoin (DOGE), has been uncovered by famous market tracker Lookonchain.
According to Lookonchain, there is a connection between Shiba Inu and Dogecoin’s fifth-largest holders. The data show that the fifth highest holdings in SHIB and DOGE are controlled by the same firm, which is considered renowned trading firm Jump Trading or one of its partners.
Related Reading: New SHIB Whale Born as 1.2T Shiba Inu Transferred to Wallet
Why the Holder May be the Same Entity
The entity known as “0x73AF” recently moved enormous cash in four transactions while holding a phenomenal holding of 20 trillion SHIB tokens, equal to an astounding $176 million. The recipient, designated as “0x40B3,” subsequently rose to the fifth-largest SHIB token holder position.
3.4 billion coins, or roughly $248 million worth of DOGE, were simultaneously transferred by the unidentified party “DDuX,” all at once. The money was split into four different transactions, making “DEgD” (a new address where Doge money was sent) the fifth-largest DOGE token holder.
What Does This Mean for SHIB and DOGE?
The strange coincidence of these transactions prompts intriguing questions about the identity and objectives of the force behind them. While people have started to speculate about the implications of the large transactions, a cryptocurrency enthusiast on Twitter is going by the handle semicrypto.eth suggested that Jump Trading had previously announced that it would be ending its Market Maker (MM) activities, so the transfer of funds appeared to be a move to dump the market.
Notably, the recent large transactions have not considerably changed the price of SHIB tokens. SHIB decreased by 1.49% during the past 24 hours and barely 2% over the past 7 days. Dogecoin has increased by 2.49% in one day.
Read Also: Huge Shiba Inu Token Transfers Totaling 20 Trillion Tokens Occur Rapidly