The cryptocurrency market is highly volatile which makes it highly unstable yet profitable at the same time. The unpredictability of the market is one of its most popular feature. However, it inculcates major risks for the investing sector. Several cryptocurrencies make headlines through their major upsurges or downfall, every now and then. Recently, the price movements of Solana, Cardano, Shiba Inu, and Avalanche were quite astonishing in the marketplace.
Shiba Inu has also attracted more and more investors recently, as the trading volume and market cap of the token has constantly increased as well. The coin was believed to be a meme coin, but its recent performance has proved that it has much more to offer in the diverse crypto field. The project has focused on its fundamentals that has improved its reputation among the consumers.
Shiba Inu (SHIB) grew majorly in the last few weeks. It reached a high of over $0.000085 in the recent bull run that was a major success for the coin. However, the coin has retraced in the last couple of days, shedding a major portion of its gains. At the time of writing, SHIBA is valued at a little over $0.000050.
Whale wallet initiates a series of transactions triggering a bearish trend
Shiba Inu fell by over 11% after a number of transactions were processed through a whale wallet. This wallet gained immense popularity as it converted it $3,400 into almost $1.55B. Now, the whale wallet mover over ten trillion SHIB coins into four different wallets. Every transaction was valued at around $586M, making it a total of over $2.3B. The wallet still holds over $1.8M worth of SHIB.
The wallet was identified recently, and many social media users speculated that its owner might have forgot or lost the key, as they wallet was unactive for a long time. However, they were proven wrong after the wallet got active recently.
The recent transactions from the account has triggered a fear in the consumers as they believe the wallet might release all its assets soon. This will majorly influence the supply of the coin in the market, and the liquidation could instigate a major price fall in the token. The crypto coin has downgraded by over 30% within seven days. This shows that the coin might be in for a tough time ahead. Also, the ownership of the token is very concentrated. According to an estimate, about 72% of the coins are held by its top 10 investors