It's important to note that the SHIB was moved — not sold. But what is one whale doing moving this SHIB to four different wallets?
Last week, there was a frenzy on Crypto Twitter after it emerged that a savvy investor had bought SHIB worth $8,000 last year — resulting in a bulging balance of $5 billion.
The account had largely lay dormant for a while, fueling speculation that the trader may have lost access to their wallet.
But now, SHIB worth more than $2 billion has now been moved to four other wallets — a warning sign that sell-offs could be on the horizon.
Setting out what the consequences of this would be, the financial analyst @JacobOracle wrote on Twitter:
“If he decided to sell these bags, SHIB would plummet -99.99% to zero.”
As sentiment shifts around the joke coin, SHIB has fallen by 14.6% over the past 24 hours, and 13.1% over the past week.
Data from CoinMarketCap suggests that the top 10 holders of SHIBA INU collectively own 71.6% of the circulating supply.
For now, SHIB remains unavailable on a number of major trading platforms.
Robinhood is yet to support the meme coin, despite hundreds of thousands of people signing a petition urging it to do so.
And in a direct message to the “SHIB Army,” Kraken wrote on Twitter:
“We’ve heard you loud & clear! Community is an important part of our considerations for all listings, and you have clearly shown your support. There’s more work for us to do as we move through our listing review process.”