The cryptocurrency “Shiba Inu” has popped up over the past month, briefly overtaking Dogecoin, which also has the dog logo.

Now, a SHIB whale whose initial investment of $8,000 (bought the coin in August 2020) has grown to over $5 billion in crypto has moved $2.9 billion of his holdings between wallets.

According to Ethereum explorer Etherscan, this whale’s wallet address sent four contracts worth 10 trillion SHIB on Tuesday, each worth about $632 million at today’s prices.

It is important to note that the whale in question did not make his or her profit as SHIB was not sold, but simply moved between addresses.

As a reminder, “Shiba Inu” is an Ethereum-based cryptocurrency that has made headlines over the past several months, breaking all-time highs after reaching an all-time high.

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Since its media buzz has increased, a growing list of “dog coins” has appeared to be backed by nothing but meme attributes.

According to the official cryptocurrency website, SHIB was initially created as an experiment to build a decentralized automated community.

SHIB itself is down 8.8% over the past day, to $0.0006474, according to price tracking website CoinGecko, although its long-term performance remains in a comfortable bullish trend, rising 33.4% on the week and 645% on the monthly level.

Dogecoin is similarly down 3.1% much less over the past 24 hours, while rival coin FLOKI, named after Elon Musk’s dog, is up nearly 13.5% on the day.

Currently, SHIB has been able to position itself at the forefront of meme coins, ranking 9th in terms of total market capitalization, while Dogecoin ranks 10th.

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