The second-most popular canine-themed crypto, Shiba Inu (SHIB) recently made the headlines after it saw significant price surges. The upward momentum noticed for SHIB led the crypto enthusiasts to speculate that it might surpass the original meme coin, Dogecoin.
However, due to the recent series of transactions noticed from a whale wallet, the price of the meme crypto asset has fallen around 11%.
Here is a graph by CoinMarketCap that shows the price of SHIB over the last week.
Shiba Inu is currently trading at $0.000057 (at the time of writing).
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Whale Wallet Transactions and its Effect on SHIB
The series of transactions that have brought SHIB’s price down is from a billionaire whale wallet. This whale wallet had famously transformed a purchase of $3,400 to $1.55 billion last August.
It has now reportedly made four different transactions and moved SHIB worth $2.3 billion. According to reports, the whale has moved ten trillion, one hundred thousand SHIB tokens to four different wallets.
This has made SHIB investors quite nervous, which has caused the price of the digital asset to plunge. Every transaction was worth around $586 million, which is a total amount of approximately $2.3 billion.
The wallet that has now made the transactions has reportedly been inactive for almost a year. However, now the wallet has not only shown some activity but has made SHIB enthusiasts somewhat fearful. The person owning the wallet holds a large percentage of the supply. In case of any liquidation, the price of the meme coin can plunge significantly.
Jacob Oracle, a financial analyst tweeted.
Despite shifting such a huge number of Shiba Inu tokens, the original wallet of the whale still holds SHIB worth more than $1.8 million.
However, due to this series of transactions, SHIB has fallen far below its ATH. If you are still interested in the meme coin, make sure you choose the best crypto exchange to buy SHIB.
Are you a Potential Crypto Investor or Trader?
The crypto market is often on a roller coaster with the prices of digital currencies moving up and down. At the moment, the overall crypto market is doing quite well as the top two crypto assets, Bitcoin and Ethereum are bullish.
- Bitcoin is currently trading at $62,551 (at the time of writing) and is expected to surge higher.
- Ethereum, on the other hand, is currently trading at $4,569 (at the time of writing) and has been showing positive movement for a few weeks now.
Therefore, if you want to step into the crypto space you can purchase whichever cryptocurrency seems most suitable to you. However, it is important to make sure that you use the lowest fees crypto exchanges.
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