Shiba Inu Is Down After $2.3bln SHIB Was Moved From Whale Wallet

Shiba Inu Price Drops 11% after US$2.3 Billion Worth of SHIB was Moved from a Whale Account.

Shiba Inu Price Drops 14% after US$2.3 Billion Worth of SHIB was Moved from a Whale Account.

The price of Shiba Inu token (SHIB) corrected 14% after a whale account (address: 0x1406899696aDb2fA7a95eA68E80D4f9C82FCDeDd) moved 4,00,00,00,04,00,000 SHIB coins (worth around US$2.3 billion) to 4 different wallets. 

These four wallets received exactly 10,000,000,100,000 SHIB each from the whale in 4 transactions. Each of these four transactions was worth US$586 million as 10,000,000,100,000 SHIB were transferred in each transaction. Therefore, a total of around US$2.3 billion worth of Shiba Inu tokens were transferred by the whale address. 

Reports say that the concerned whale account bought around US$3,400 worth of SHIB in August 2020, which has now transformed to a whopping US$1.55 billion. After this SHIB whale’s wallet address was found, many social media users thought that the owner of the address must have forgotten or lost the key to the wallet because of the inactivity in the account since last year. 

A Twitter user named Devchart has tweeted:

"Remember when everyone was wondering if the guy who turned 8k$ into 5 billion actually lost access to his wallet?

Turns out he didn't and just started moving some of his $SHIB"

Another Twitter handle named Unusual_whales tweeted:

"He is awake.

The best trader of all time is alive. 

This wallet bought $8,000 of $SHIB last August.

It's now worth $5.7 billion.  

I repeat, - $5.7 billion in 400 days.

He owns 16% of the marketcap.

He sent $2.2 billion to four different wallets yesterday.

Incredible. "

However, this movement of so many Shiba Inu tokens to four different wallets has generated fear among the SHIB community. They fear that the whale, who converted his US$3,400 investment into US$1.55 billion within a year, is preparing to sell his tokens. This whale address owns a significantly large percentage of the SHIB token’s available supply. The community fears that the liquidation of such a large number of tokens could make the SHIB price to drop massively. 

A financial analyst Jacob Oracle has tweeted:

"If he decided to sell these bags, SHIB would plummet -99.99% to zero"

The movement of US$2.3 billion worth of 4,00,00,00,04,00,000 SHIB coins from the whale address to 4 wallets has triggered a downward price pressure, making the Shiba Inu token’s price fall by around 31.2% from its ATH (which was achieved just a week back). In the last 24-hours, the price of SHIB has fallen by 10.8%. However, it is a relief that the original whale address still holds more than US$1.8 million worth of SHIB. 

Reports say that almost 72% of the total SHIB tokens in circulation are currently held by just 10 wallets.