The price of Shiba Inu has fallen 11% after a series of whale wallet transactions that transformed a famous Purchase of $ 3400 last August at $ 1.55 billion.
On November 2, the whale moved ten billion, one hundred thousand Shiba Inu tokens to four separate wallets. Each transaction was worth approximately $ 586 million, for a total of about $ 2.3 billion.
After the wallet was first identified, social media users speculated that the owner may have forgotten or lost their key, given the lack of activity on the wallet since last year.
Remember when everyone wondered 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 $ SHIBAddress:https://t.co/Pok4lH0AUv pic.twitter.com/yyzb3OXcPm
- Devchart โ (@devchart) November 3, 2021
But with the awakening of the whale, the transactions have sparked some fear in the community that the holder is preparing to sell their tokens. The whale owns such a large percentage supply, that any liquidation could cause a massive drop in prices.
"If I decided to sell these bags, SHIB would plummet -99.99% to zero", tweeted financial analyst Jacob Oracle.
The moves put downward pressure on the price, which has fallen 31.2% from its ATH seven days ago and 10.8% in the last 24 hours. according to CoinGecko data.
He is awake.
The best trader of all time is alive.
This wallet bought $ 8,000 of $ SHIB last August.
It is now worth $ 5.7 billion.
I repeat: $ 5.7 billion in 400 days.
It has 16% of the market capitalization.
Yesterday he sent $ 2.2 billion to four different wallets.
Amazing. pic.twitter.com/3Zkodcv034
- whales_inusuales (@whales_inusual) November 3, 2021
Read more: Someone bought $ 3,400 worth of SHIB last August. Now worth $ 1,550 million
Shiba Inu ownership is concentrated, with the top 10 wallets containing almost 72% of the coins in circulation according to CoinMarketCap.com.
The whale is original wallet he still has more than $ 1.8 million in SHIB.
/cloudfront-us-east-2.images.arcpublishing.com/reuters/2UAGDE35ENOOZAOONDQOA5NKVI.jpg?w=75&resize=75,75&ssl=1 "U.K. man implicated in Twitter hacking charged in NY with cryptocurrency theft")
