Shiba Inu (SHIB) Down 11% After Whale Wallet Moved $ 2.3 Billion
The price of Shiba Inu (SHIB) has fallen 11% after a series of transactions in the famous whale wallet that turned $ 3,400 into $ 1.55 billion last August.
On November 2, this whale transferred forty trillion, one hundred thousand SHIBs (40,000,000,100,000) to four different wallet addresses, each transaction valued at approximately $ 586 million, totaling approximately $ 2.3 billion, and leaves some investors back confused.
After the wallet address was identified for the first time, social media users speculated that their owner may have forgotten or lost the private key because there has been no activity in the wallet since last year.
Remember when everyone wondered if the guy who turned 8k $ 5 billion actually lost access to his wallet?
Turns out he didn’t and just started moving some of his $ SHIB
– Devchart ???????? (@devchart) November 3, 2021
While the whales are awake, the transactions have caused the community to fear the owners are preparing for a mass layoff. This whale owns such a large proportion of the supply that any liquidation could lead to a massive drop in prices.
“If he decides to sell, SHIB will drop -99.99% to zero,” wrote financial analyst Jacob Oracle. tweets.
According to data from CoinGecko, these moves have put downward pressure on the price, which is down 31.2% against its ATH seven days ago and 10.8% in the last 24 hours.
He is awake.
The best trader of all time is alive.
This wallet bought $ 8,000 $ SHIB last august.
It’s now worth $ 5.7 billion.
I repeat – $ 5.7 billion in 400 days.
He owns 16% of the market capitalization.
He sent $ 2.2 billion to four different wallets yesterday.
– unusual_whales (@unusual_whales) November 3, 2021
“He is awake. The best trader of all time is still alive. This wallet bought $ 8,000 SHIB last August. The value is currently $ 5.7 billion. I repeat, $ 5.7 billion in 400 days. He owns 16% of the market capitalization. He deposited $ 2.2 billion in four different wallets yesterday. Incredible”.
SHIB ownership is fairly concentrated, with the top 10 wallets holding nearly 72% of all coins in circulation, according to CoinMarketCap.com.
This whale wallet address currently holds over $ 1.8 million in SHIB.
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According to Cointelegraph