Grey Shiba Inu Vladyslav Severyn
After a crypto whale transferred $2.3 billion in tokens to their wallet, Shiba Inu fell 14% Thursday.
The wallet holder, the second largest shiba-inu owner, moved the tokens earlier in the week.
"If he decides to sell these bags SHIB would plummet to -99.99% to 0. Jacob Oracle, a financial analyst, tweeted "Oof!"
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On Thursday, Shiba Inu fell as investors claimed profits from a crypto whale that moved $2.3 billion worth coins out of their wallet. This was in an extremely turbulent week that saw another major crypto exchange delay listing the token.
Shiba inu briefly overtook Dogecoin as the ninth largest cryptocurrency. It was last down 13.6% last week at $0.00005657. The overnight price dropped to $0.00005610.
The evidence that the second largest holder of shiba Inu had moved up to 40 trillion tokens out of their wallet led to this latest leg-down. This is often considered a sign of a larger sale.
Although the wallet was inactive for some time, people believed that the user had lost the key to it. However, this was not the case.
"If he decides to sell these bags SHIB would plummet to -99.99% to 0. On Wednesday, Jacob Oracle, a financial analyst, tweeted "Oof!"
The price has seen big swings since the shiba-inu whale's arrival. After a large holder bought 276.6 billion tokens in October, the token soared more than 20%.
The market capitalization of Shiba inu is $31 billion. This ranks it 11th in terms total market value. It has risen almost 5700% in a matter of months, as compared to bitcoin's 20% rise in market value.
Investors are skeptical about the coin as they don't believe it has any real uses. Kraken, an exchange suggested that it might list the coin. However, it later backed down.