Popular meme token Shiba inu (SHIB) remains in the dark red after its biggest daily sale since September. According to the data, the price of SHIB dropped more than 15 percent in one day. The token ended Wednesday with a drop of 22 percent. This value corresponds to the largest single-day decline since September 10, when it fell 87.6 percent.
SHIB whale upsets the markets
The coin recorded losses for three consecutive days after a Shiba Inu whale moved its wallet of 40 trillion SHIB, which was worth roughly $2.8 billion at the time. The move sparked speculation about where trillions of SHIBs might end up. At the time of writing, the whale has moved SHIB to four addresses. There is no indication that the SHIB whale is moving the tokens to exchanges.
While the motivation behind the SHIB whale’s move tokens is unclear, the market has reacted sharply: SHIB’s price has since plummeted as its flow to centralized exchanges has increased, according to data from Santiment, a crypto research firm. “There seems to be an increase in SHIB sales,” said Santiment market analyst Dino Ibisbegovic.
According to Ibisbegovic, approximately 1.36 trillion more SHIB have flowed to central exchanges in the last 24 hours, with the amount of Shiba Inu deposit addresses reaching 1,641 on Wednesday, up 142 percent since November 1. cryptocoin.com As we have also reported, financial analyst Jacob Oracle shared the details of the whale’s assets and said that if the whale in question sells its holdings, SHIB will drop 99.99% and go to zero.
Remember the guy who turned his $8K $SHIB Investment into $5.7 Billion?
Well, he recently moved 40+ trillions of his #SHIB holdings to new four new wallets.
If he decided to sell these bags, SHIB would plummet -99.99% to zero. Oof. pic.twitter.com/HqrWw57nr2
— Jacob Oracle (@JacobOracle) November 3, 2021
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