Shiba Inu Plunges As Whale Moves Token Between Wallets

HIGHLIGHTS

  • On Thursday, Shiba inu fell as much as 21% when a crypto giant shifted $2.3 billion in tokens from their wallet.
  • The tokens were shifted earlier this week by the wallet holder, who is also the second-largest shiba inu owner.
  • “SHIB would plunge -99.99 percent to zero if he decided to sell these bags. Oh, no “one analyst wrote on Twitter.

In a rocky week that also saw a major crypto exchange hold off on releasing the token, Shiba inu fell on Thursday as investors booked profits after a crypto whale moved $2.3 billion worth of coins out of their wallet.

CEO of PACcoin David Gokhshtien posted a Tweet regarding the news.

Shiba inu, which temporarily surpassed dogecoin as the ninth-largest cryptocurrency last week, has dropped as much as 21% to $0.00004428, a 24-hour low.

Evidence that the second-largest holder of shiba inu had moved as many as 40 trillion tokens from their wallet sparked the most recent leg-down, which is frequently considered as a precursor to a massive sale.

The wallet had been idle for some time, and many assumed the user had misplaced the key to open it, but that was not the case.

“If he decided to sell these bags, SHIB would plummet -99.99% to zero. Oof.”—Jacob Oracle, a financial analyst said

SHIBA RISE, SHIBA DUMP

This isn’t the first time a shiba inu whale has wreaked havoc on the stock market. After a large holder purchased 276.6 billion tokens in late October, the token climbed more than 20% to a new high.

Shiba inu has a market valuation of $31 billion, making it the 11th most valuable dog in the world. It has risen about 570 percent in a month, compared to a 20 percent spike in bitcoin, the most valuable cryptocurrency.

One of the user made people cautious over buying $SHIBA and wrote on Twitter that, “SHIBA has an extremely concentrated number of whales who can dump at any time. DOBO has no wallet with more than 2%. Shiba dumper has only just reactivated – better to just get out before he takes the coin back to zero”

Some investors are wary of the coin because they do not believe it has real-world applications. This week, the exchange Kraken ruffled the SHIBArmy’s feathers by suggesting it may list the coin, only to back down for the time being.

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IMAGE SOURCE: GETTY IMAGES

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