The price of Shiba Inu (SHIB) has fallen 11% after a series of transactions from the whale wallet that famously transformed a $3,400 purchase last August into $1.55 billion.
On Tuesday, the whale made four transactions of exactly 10,000,000,100,000 SHIB each to four different wallets. Each transaction was worth approximately $586 million, totaling about $2.3 billion.
After the wallet was first identified, social media users speculated that the owner may have forgotten or lost their key, given the lack of activity in the wallet since last year.
Remember when everyone was wondering if the guy who turned 8k$ into 5 billion actually lost access to his wallet?— Devchart (@devchart) November 3, 2021
Turns out he didn't and just started moving some of his $SHIB
But with the whale waking up, the transactions have prompted some fear in the community that the holder is preparing to sell his tokens. The whale owns such a large percentage of the supply that any liquidation could potentially prompt a massive price plunge.
“If he decided to sell these bags, SHIB would plummet -99.99% to zero,” tweeted financial analyst Jacob Oracle.
The movements sparked downward pressure on the price, which has fallen 31.2% from its all-time high seven days ago and 10.8% in the last 24 hours, according to data from CoinGecko.
He is awake.— unusual_whales (@unusual_whales) November 3, 2021
The best trader of all time is alive.
This wallet bought $8,000 of $SHIB last August.
It's now worth $5.7 billion.
I repeat - $5.7 billion in 400 days.
He owns 16% of the marketcap.
He has sent $2.2 billion to four different wallets yesterday.
The ownership of Shiba Inu is concentrated, with the top 10 wallets holding almost 72% of the coins in circulation according to CoinMarketCap.
The whale’s original wallet still currently holds over $1.8 million worth of SHIB.