Shiba Inu (SHIB) Price Struggles as Whale Wallet Starts Moving Coins
Shiba Inu (SHIB) has seen its price fade over the past few days. Measured since its all-time high, it dropped more than 50% earlier today, before recovering slightly to where it currently trades.
- Many in the cryptocurrency are currently playing the “I told you so” card as the price of Shiba Inu (SHIB) is down almost 50% since its all-time high charted just a week ago.
- The tides seem to have turned considerably as the euphoria that the market saw back then has now turned to disbelief.
- At the time of this writing, SHIB is trading slightly above $0.00005, charting a considerable decline of about 25% for the week.
- One of the reasons for this might be worries that one of the largest SHIB holders has started moving coins.
- A cryptocurrency investor bought $8,000 worth of SHIB back in August 2020 and, at one point during the peak pricing, their holdings were worth almost $6 billion.
- Just a couple of days back, however, an address that’s known to be one of the biggest SHIB holders, started transferring their coins.
- So far, it doesn’t appear that the entity has disposed of any of the cryptocurrency but the general fear that they might start doing so takes the toll on the market.
- With this said, the highly concentrated supply of SHIB has been pointed out more than once as a legitimate reason to be very careful when investing in the token.
