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Shiba Inu Price Drops Following Whale Wallet Activity

2021 has been an eventful year for Shiba Inu (SHIB) and was subsequently dubbed the Dogecoin (DOGE) Killer. Since September 2020, the price to buy SHIB has risen dramatically to well over 2,000,000%. However, many investors are now wondering why SHIB has seen a sudden price drop recently. According to reports the fall in price to buy the altcoin SHIB may be a result of a crypto whale sending large SHIB transactions to four separate wallets.

A series of transactions has been noticed by crypto whale watchers just before SHIB dropped by 11% in price. According to the platform, the whale had sent four separate Shiba Inu transactions with a total of 10,000,000,100,000 SHIB. The total is estimated to be worth approximately $2.3 billion with the four transactions being worth around $586 million each.  Some analysts theorise that the reason behind the move could be due to the wallet’s owner misplacing their private keys. Despite the knowledge that the crypto whale is currently holding billions of dollars’ worth of SHIB, the price to buy the SHIB has still fallen significantly. The crypto market investment SHIBs plunge could be because some holders and investors believe that the whale could sell the entire SHIB stash shortly. Since the crypto whale holds such a significant supply of the altcoin, any transactions made has the potential to have a major impact on the value of the coin. Furthermore, one analyst went as far to suggest if the significant investor sold all its stock, it would send SHIB plunging by as much as -99.99% to zero.

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