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Shiba Inu (SHIB) Price Struggles as Whale Wallet Starts Moving Coins

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Shiba Inu (SHIB) has seen its price fade over the past few days. Measured since its all-time high, it dropped more than 50% earlier today, before recovering slightly to where it currently trades.

  • Many in the cryptocurrency are currently playing the “I told you so” card as the price of Shiba Inu (SHIB) is down almost 50% since its all-time high charted just a week ago.
  • The tides seem to have turned considerably as the euphoria that the market saw back then has now turned to disbelief.
  • At the time of this writing, SHIB is trading slightly above $0.00005, charting a considerable decline of about 25% for the week.
Chart by TradingView
  • One of the reasons for this might be worries that one of the largest SHIB holders has started moving coins.
  • A cryptocurrency investor bought $8,000 worth of SHIB back in August 2020 and, at one point during the peak pricing, their holdings were worth almost $6 billion.
  • Just a couple of days back, however, an address that’s known to be one of the biggest SHIB holders, started transferring their coins.
  • So far, it doesn’t appear that the entity has disposed of any of the cryptocurrency but the general fear that they might start doing so takes the toll on the market.
  • With this said, the highly concentrated supply of SHIB has been pointed out more than once as a legitimate reason to be very careful when investing in the token.
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