On Sunday, November 7, a block registered on Etherscan shows that a single transaction was made with 20 trillion Shiba Inu (SHIB), or $1.13 billion. According to the screenshot below the purchase originates from crypto.com. Could a drop in meme coin price occur? Let’s take a look at the possibilities…
The impact of such a big move on the meme coin is unclear!
According to CoinMarketCap.com at the time of writing, SHIB has dropped 3.25 percent in the last 24-hour period, indicating a virtual neutral effect for now. However, this billion-dollar acquisition could be perceived as a positive signal for those on the edge, as Shiba’s valuation is primarily driven by the sentiment of its active community rather than fundamentals or technical analysis. Conversely, this deal could have negative consequences as it could be part of a larger market manipulation.
On the flip side, however, this type of highly centralized ownership can be a major red flag for most crypto investors, as whales can coordinate the buying and selling of the meme coin project according to their wishes. Whilst such whiplash valuations tend to liquidate both long and short individual traders using margin, whales make big profits.
In any case, these risks don’t seem to hinder Shiba’s support or positive emotions, according to experts. cryptocoin.com As we reported, in May of this year, a petition was launched on Change.org to persuade cryptocurrency trading app Robinhood to start listing Shiba. As of Sunday, November 7, the exchange had collected more than 500,000 signatures, half of its 1,000,000 signature target.
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