Shiba Inu (SHIB) Statement from Coinbase Director Conor Grogan!

Coinbase Director Conor Groganin a Twitter post he shared on Feb. Shiba Inu (SHIB) He shared his observations on the cryptocurrency market.

Coinbase Director Conor Grogan Talks About Shiba Inu (SHIB)

According to Grogan, on October 27, 2021, the largest owner of SHIB disposed of $107 million in digital assets and sent all of it to various exchanges, including FTX, Huobi, Binance, and OKX.

On October 27th, 2021, the largest Shiba Inu farmer unstaked $107M of SHIB and sent it all to FTX, Huobi, Binance, and OKX

This marked the absolute top; SHIB immediately began to plummet, never to recover.

Coincidently, one exchange had just expanded SHIB perps 🧐 pic.twitter.com/xxooDFqDcD

— Conor (@jconorgrogan) February 9, 2023

Grogan’s analysis shows that this move marks the absolute top for SHIB, as the cryptocurrency immediately started falling and never recovered.

Conor also shared a screenshot of the open interest (OI) for SHIB at that time, noting that it had increased significantly. OI has grown to approximately 1.1 trillion open contracts worth approximately $85 million for SHIB alone (not including the KSHIB market).

While the identity of the address responsible for the major transfer is unknown, Grogan denied that this person was a SHIB billionaire and was selling for profit, saying:

According to Grogan, KSHIB’s collapse may have been behind Sam Bankma-Fried, the discredited founder of FTX, who was arrested in December on a criminal indictment.

Whether or not Bankman-Fried is responsible for SHIB’s never-ending bearish spiral, the Twitter thread by Conor Grogan sheds light on events that mark the absolute high for the Shiba Inu cryptocurrency market.

At the time of this writing SHIB price is $0.00001242 traded at levels.

*Not investment advice.