Categories: Uncategorized

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 people wondered if the guy who turned $ 8,000 into $ 5 billion really lost access to his wallet? Turns out he didn’t and just started moving. “

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 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.

Join Bitcoin Magazine Telegram to keep track of news and comment on this article: https://t.me/coincunews

Teacher

According to Cointelegraph

Follow the Youtube Channel | Subscribe to telegram channel | Follow the Facebook page

CoinX

Recent Posts

Trump Media Company Is Pushing New Venture For Crypto Service

With the platform facing a cracked whip, Trump Media company is expanding into new business…

43 minutes ago

Crypto Advisory Council Now A White House Position Attracting Leaders

Major crypto firms, including Ripple, Kraken, and Circle, are competing for spots on President-elect Donald…

1 hour ago

Analyst Sounds Major Breakout Alert Amid Shiba Inu, WallitIQ, And Dogecoin Price Recoveries

Analysts highlight a breakout alert as Shiba Inu (SHIB), and Dogecoin show signs of recovery…

2 hours ago

SEC Chair Gary Gensler Will Lose Power From January 20

SEC Chair Gary Gensler will step down on January 20, 2025, coinciding with President-elect Donald…

2 hours ago

MicroStrategy Convertible Notes Now Out of Stock With $3B Raised

The MicroStrategy convertible notes offering, initially set at $1.75 billion, was increased to $2.6 billion…

2 hours ago

Qubetics, Cosmos, and Chainlink: Why These Cryptos Are Your Best Bet for November 2024

Discover why Qubetics, Cosmos, and Chainlink are the best cryptos to buy in November 2024.…

5 hours ago

This website uses cookies.