Analytics platform Lookonchain has shown that there is a very strong correlation between the fifth-largest Shiba Inu and Dogecoin holders. There are many indications that this is the same entity, commonly known as Jump Trading.
Huge amounts of SHIB and DOGE in the same hands
Popular market tracker Lookonchain has shed light on a surprising correlation between the largest holders of two well-known cryptocurrencies, Shiba Inu (SHIB) and Dogecoin (DOGE).
According to reports, the same mysterious entity, which is suspected to be affiliated with the renowned trading firm Jump Trading or its partner, has reached the fifth place in the rankings of ownership of both SHIB and DOGE.
Its holdings include as much as 20 trillion SHIB tokens, equivalent to $176 million at the moment. The entity designated as “0x73AF” has recently conducted four significant transactions. As a result, the address designated as “0x40B3” has become the fifth largest holder of SHIB tokens.
Meanwhile, a significant amount of DOGE – 3.4 billion coins worth about $248 million to be exact – was delegated from the address marked “DDuX.” These funds were split into four separate transactions, resulting in “DEgD” (the new address to which DOGE was transferred) also becoming the fifth largest holder of memecoin.
Correlation raises questions
These unusual transactions have raised intriguing questions about the identity and motives of the mysterious entity behind them.
Amid speculation about the massive fund flows, a user with the code name semicrypto.eth on Twitter threw out an interesting theory. He claims that Jump Trading, which recently announced the end of its Market Maker (MM) business, may now be preparing to exit the market.
In his opinion, such a situation could lead to market sell-offs. These, in turn, could become a real opportunity for many speculators and meme coin investors.
DOGE and SHIB in stable consolidation
This news has so far not affected the market, causing both Dogecoin and Shiba Inu to consolidate in fairly safe zones. DOGE is currently priced at $0.073, down more than 90% from its ATH and up nearly 48.5% from the low recorded last June. SHIB, on the other hand, is valued at $0.00000866, which in turn represents a decline of 89.5% from its ATH and an increase of 23% from the bottom its valuation also reached last June.