Shiba Inu Falls 21% After 2nd Largest Whale Wallet Moves $ 2.3 Billion In Chips | Currency News | Financial and business news

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Gray shiba inu
  • Shiba inu slipped as much as 21% on Thursday after a crypto whale withdrew $ 2.3 billion in tokens from its wallet.
  • The wallet holder – the second largest owner of shiba inu – moved the tokens earlier this week.
  • “If he decided to sell these bags, SHIB would drop from -99.99% to zero. Oof,” one analyst tweeted.
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Shiba inu fell on Thursday, as investors posted profits after crypto whale moved $ 2.3 billion in coins out of their wallets, in a tumultuous week that also saw a major cryptocurrency exchange delay the token’s listing.

Shiba inu, which briefly topped dogecoin to be the ninth largest cryptocurrency last week, fell 21% to a low of $ 0.00004428 in 24 hours.

This most recent drop was sparked by evidence that the second-largest shiba inu holder had withdrawn as much as 40 trillion tokens from their wallet – often seen as a precursor to a major sale.

The wallet had been inactive for some time and many believed the user may have lost the key needed to access it, but this turned out not to be the case.

“If he decided to sell these bags, SHIB would drop from -99.99% to zero. Oof,” said Jacob Oracle, financial analyst at Twitter Wednesday.

This is not the first time that a shiba inu whale has caused big price fluctuations. The token rose more than 20% to another record high after a large holder bought 276.6 billion tokens in late October.

Shiba inu’s market cap is $ 31 billion, which ranks it 11th in terms of total market value. It gained nearly 570% in one month, compared to a 20% rise in bitcoin, the largest cryptocurrency by market value.

Some investors are wary of the coin because they are not convinced that it has any real use cases. The Kraken exchange ruffled the feathers of the so-called SHIBArmy this week when it suggested it could list the coin only to back down for the time being.



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