Are Shiba Inu and Dogecoin Really Controlled by the Same Whale? The Fifth Largest Holder Connection Explained

A startling similarity between the fifth largest holders of two well-known cryptocurrencies, Shiba Inu (SHIB) and Dogecoin (DOGE), has been uncovered by famous blockchain analytics platform, Lookonchain. Is this just a coincidence, or does it point to a deeper connection between these meme coins?

The crypto world is buzzing with speculation after Lookonchain revealed a correlation between the fifth largest holders of Shiba Inu and Dogecoin. According to new data from Lookonchain, Shiba Inu (SHIB) and Dogecoin (DOGE) have the same fifth-largest holder. Specifically Both Shiba Inu and Dogecoin are held in large numbers by a single entity.

The 0x73AF Wallet and the SHIB Transfer

So, how did this connection come to light? Lookonchain reveals a wallet address identified as “0x73AF” moved 20 trillion SHIB, equivalent to $176 million, in four separate transactions to “0x40B3,” making them the fifth largest holder of Shiba Inu. This significant transaction sparked investigation and the discovery of a potential link to Dogecoin.

What Does This Mean for SHIB and DOGE?

The implications of this shared whale are significant. Could coordinated buying and selling between these two cryptocurrencies be influencing the market? While it's too early to draw definitive conclusions, the fact remains that a single entity holds a substantial amount of both SHIB and DOGE. This raises questions about market manipulation, price stability, and the overall future of these popular meme coins.

Stay tuned for more updates as we continue to follow this developing story and analyze the potential impact of this fifth-largest holder connection on the Shiba Inu and Dogecoin communities.